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When I am renting a condo in Canada, can the overseas real property I sold in 2022 qualify for principal residence exemption?
I had an overseas real property since 2016, then I moved to Canada and start renting condos in 2019, and I finally sold my overseas real property in 2022.
Concerned: I filed tax returns from 2019 to 2021, and claimed some benefits about the renting condo, such as the “Canada Housing Benefit” or “Ontario Trillium Benefit”. I am concerned because I noticed the terms of these benefits are for a principal residence, so does it mean I already reported my renting condo as my principal residence, and cannot sell my overseas real property as a principal residence?
Concerned: I filed tax returns from 2019 to 2021, and claimed some benefits about the renting condo, such as the “Canada Housing Benefit” or “Ontario Trillium Benefit”. I am concerned because I noticed the terms of these benefits are for a principal residence, so does it mean I already reported my renting condo as my principal residence, and cannot sell my overseas real property as a principal residence?
February 18, 2023
1:04 PM