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Could a recreational property like a "condo" be considered as a Personal-use property? CRA says "cottages" but does not include "condos" or "houses"...
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April 24, 2021
7:13 PM
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Investors and rental owners
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As per CRA, personal-use properties refer to items that you own primarily for the personal use or enjoyment of your family and yourself. It includes all personal and household items, such as furniture, automobiles, boats, a cottage, and other similar properties.
A recreation property like a condo can't be considered a personal use property as the condo would increase its value over time. PUP generally does not increase in value over time.
Please visit the article on The GST/HST and the Purchase, Use and Sale of Vacation Properties by Individuals to learn more about personal use properties.
May 6, 2021
10:05 AM