Sentences with phrase «ordinarily inhabit»

Here's the advantage: You can claim any property you own and «ordinarily inhabit» as your principal residence.

Fifth: You can claim any property you own and «ordinarily inhabit» as your principal residence, thereby allowing you to shelter the appreciation profit of one property, while paying tax on another property that has not appreciated quite as much.

Second: You and your family must «ordinarily inhabit» the dwelling during the year.

Here's the thing, because the principal residence can only be applied to a property you «ordinarily inhabit» there must be some sort of dwelling on the property that you can occupy.

That's because the CRA allows you to claim any property you own in Canada as a principal residence, as long as you ordinarily inhabit that property.

Turning to your property, indeed it would be tax exempt if you ordinarily inhabited it in each year of ownership and did not live with your boyfriend in either his residence or the jointly owned property as a common law spouse.

A: First a bit of background on the principal residence exemption: this is a dwelling you own and that is «ordinarily inhabited» by you or a member at some time during the year.

For real estate investors that specialize in buying, renovating and then quickly selling homes — a process known as house - flipping — the new reporting requirements will force you to justify the «ordinarily inhabited» rule.

To qualify for the PRE the property must be a house, cottage, condo or trailer (other categories qualify, but check first with CRA), and you or your family must have «ordinarily inhabited» the property.

When designating a residence as your primary home, the Canada Revenue Agency requires that you ordinarily inhabited the property.

There are no time - limits or prerequisites for how long you must own or live in the property or what «ordinarily inhabited» looks like.

The concept of «ordinarily inhabiting» a home can include a vacation property, as long as the primary use is that of personal enjoyment as opposed to rental income.

But the definition of «ordinarily inhabits» is pretty liberal.

The definition contains nuanced requirements that require the taxpayer (or the spouse or common - law partner or child of the taxpayer) to have «ordinarily inhabited» the property with no such definition of what that phrase means.

Simplified, such conditions require that no corporation be a beneficiary of the trust and the trust must designate in prescribed form each individual — a «specified beneficiary» — who is a beneficiary of the trust and ordinarily inhabited the property (or the beneficiary's spouse or common - law partner or child ordinarily inhabited the property).

From the CRA's perspective, a home would qualify as a principal residence if you and your family «ordinarily inhabited» the dwelling during the calendar year.

Not exact matches

I intend to instruct a builder to carry out works (to designs by others) to one of them (which happens to be the one I inhabit), and which would ordinarily require serving notice on the neighbouring owner.