I bought a cottage (first property) in 2025 but live in an apartment - is there a downside to me declaring the cottage my primary residence? Can I do this?

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I bought a cottage (first property) in 2025 but live in an apartment - is there a downside to me declaring the cottage my primary residence? Can I do this?

You don't have to report the purchase of a property on you tax return, and you don't declare a property your principal residence until you sell it.

This Canada Revenue Agency (CRA) page has more information on Principal residence: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-re...