The CRA provides taxpayers with tax relief in this situation by way of the principal residence exemption. When you own two homes in a year the year or subsequent year, you can elect to have both of those homes treated as your principal residence in those years. This is because the principal residence contains " + 1 extra year in the numerator of the formula.
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
Accounting & Management
Business & Corporate Tax
Non-Resident & International Tax
Personal Tax
Real Estate Tax
U.S & Cross Border Tax
When business owners restructure, incorporate, or transfer assets to a corporation, tax consequences can quickly become complex. One of the […]
Owning a rental property in Canada while living abroad comes with unique tax obligations. If you earn rental income from […]
When you’re buying or selling a business in Ontario through the transfer of shares, the Share Purchase Agreement (SPA) is […]
Navigating corporate taxes in Canada is complex but smart planning can significantly reduce what your company pays each year. With […]