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!
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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
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