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Guest Jazz146

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Guest Jazz146

I know i should know this one, i did at one time. If you sell your principl;e residence for more than you paid for it, do we have to pay tax (capital gains) on this???

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...not if you live in it.

If you have more than one residence then the CCRA rules apply as to which is your 'principal' residence.

There are cases in the tax court where a person has built a residence, moved in and immediately put it on the market. (While the next one is being built.) If it sells within six months then they usually have to pay capitol gains.

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Guest texas

You are exempt for the value of your home (principle residence only) and up to two acres any land that beyond two acres is subject to Capital gains tax.

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