I sold my prime residence in Scotch Creek and have moved to Penticton...I appear to be paying capital gains!!!!! How come? I thought your principal residence was exempt from income tax?
I have added a sold principal residence to a return and do not see any capital gains being charged. As per our TurboTax FAQ: Selling Your Canadian Principal Residence When you sell, or are considered to have sold, your home you do not have to pay tax on any gain from the sale because of the Principal Residence Exemption, and this is the case if the property was solely your principal residence for every year you owned it.
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