Sale of primary residence, any upper bound exemption on the capital gains, or unlimited?

[bgardineryyz]

Question if there is any upper bound at all on the capital gains exemption from the sale of a primary residence property.  For example:

- purchased home as primary residence for $200,000 (year 2000)

- remained living there for 21 years as primary residence

- sell house in year 2022 for $1,500,000 , resulting in $1,300,000 capital gains.

The Gov't of Canada website doesn't state an upper bound on the capital gain exemption, but an accountant I asked mentioned that there is a $1,000,000 cap on the capital gains exemption (i.e. not unlimited).  I wasn't sure what is the correct answer.  Does anyone know?   TY!

[Surajth]

We appreciate you choosing TurboTax,

There is no such things like upper limit for capital gain exemption of Principal residence.

Your home is still exempt from capital gains taxes if it was your principal residence for the entirety of the time you owned it.  Report the sale details on Schedule 3 of your return. Additionally, you will need to submit formT2091 (IND) for the 2017 tax year and beyond. 

Please visit the link provided for further clarifications:

TurboTax: Reporting the Sale of Your Principal Residence

To confirm your understanding, you can always contact CRA by clicking on the link below

CRA: Contact the Canada Revenue Agency

Please contact our phone support team or contact us directly on Facebook or Twitter if you require further assistance.