I bought 2 preconstruction condos.
One bed condo in 2016 and two bed condo in 2021.
One in 2016 got delayed alot and interim occupancy took place in June 2023 and we've been living in as primary residence. It is going to be closed in July 2024 and we will continue to live here till early Aug 2024 and then rent it out.
One in 2021 was unfortunately closed first in April 2024 and we are going to move here as primary residence in mid Aug 2024.
Q1: we have our two daughters born between 2018 and now and one bed in 2016 is too small. Wondering if principal residence exemption exception (addition to family) can be applied to our case for one bed in 2016
Q2: will I be able to claim HST new housing rebate on one bed in 2016?
Q3: will I be able to use "one plus" rule to claim two condos as primary residence in 2024?
1- It only applies if you are selling, however you are only changing the use of it to rental.
2- Only if the price of the house once closed is priced at $450,000 or less.
3- No, you can only claim one as your principal residence.
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