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New Member
posted Oct 30, 2019 3:25:19 PM

Principal residence and capital gains

I have owned House1 since 2014. I lived in House1 between 2014 and 2016 (two years). Between 2016 and present (2018) I have rented locally, but I still own House1. House1 is the only property I currently have ever owned. Is House1 my current principal residence, and would I pay capital gains if it was sold?

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New Member
Oct 30, 2019 3:25:20 PM

If you are not renting House1 you do not pay capital gains as it is still considered your principle residence - providing this is the only house you own.  If House1 IS rented and you do not claim the CCA deduction, it still qualifies as a primary residence and no capital gains are paid if sold.

1 Replies
New Member
Oct 30, 2019 3:25:20 PM

If you are not renting House1 you do not pay capital gains as it is still considered your principle residence - providing this is the only house you own.  If House1 IS rented and you do not claim the CCA deduction, it still qualifies as a primary residence and no capital gains are paid if sold.