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- A property qualifies as your principal residence for any year if it meets all of the following four conditions: It is a housing unit, a leasehold interest in a housing unit, or a share of the capital stock of a co-operative housing corporation you acquire only to get the right to inhabit a housing unit owned by that corporation
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Can a housing unit be a principal residence?
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A property qualifies as your principal residence for any year if it meets all of the following four conditions: It is a housing unit, a leasehold interest in a housing unit, or a share of the capital stock of a co-operative housing corporation you acquire only to get the right to inhabit a housing unit owned by that corporation.
- What is a principal residence? - Canada.ca
Your principal residence can be any of the following types...
- Income Tax Folio S1-F3-C2, Principal Residence - Canada.ca
The housing unit representing the taxpayer’s principal...
- What is a principal residence? - Canada.ca
- Overview
- Note
- Forms and publications
Your principal residence can be any of the following types of housing units:
A property has to qualify to be a principal residence.
If you filed a capital gains election on your principal residence, you will need the figures from your Form T664 or T664 (Seniors), Election to Report a Capital Gain on Property Owned at the End of February 22, 1994, to calculate your reduction.
•Guide T4036, Rental Income
•Guide T4037, Capital Gains
•Schedule 3, Capital Gains (or Losses)
•Form T2091(IND), Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust)
•Form T2091(IND)-WS, Principal Residence Worksheet
•Form T1255, Designation of a Property as a Principal Residence by the Legal Representative of a Deceased Individual
Mar 19, 2024 · A principal residence is a housing unit that you own, either alone or with another person. Additionally, the property must be “ordinarily inhabited” by you, your spouse, or your children at some point during the year.
The housing unit representing the taxpayer’s principal residence generally must be inhabited by the taxpayer or by his or her spouse or common-law partner, former spouse or common-law partner, or child. A taxpayer can designate only one property as his or her principal residence for a particular tax year.
Apr 20, 2023 · In general, a resident of Canada who owns only one housing unit, which is situated on land of one-half hectare or less, and which has been used since its acquisition strictly as their residence, will qualify for the principal residence exemption.
The land on which a housing unit is situated can also qualify as part of a principal residence provided that it does not exceed one-half hectare (approximately 54,000 square feet) or is necessary for the use and enjoyment of the housing unit as a principal residence.
Apr 4, 2022 · You do not have to live in the home for it to be considered your principal residence if someone related to you (spouse or child) lives in it. For example, if you own a second residence where your child lives, this other home can be eligible for the exemption.
