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   Can I designate my home as a principal residence?

   • However, in some situations, you may choose not to designate your home as your principal residence for one or more of those years. Use Form T2091 (IND), Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust), to designate your property.

   Designating a principal residence - Canada.ca

   www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/principal-residence-other-real-estate/designating-a-principal-residence.html

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   How many properties can I designate as my principal residence?

   • You can only designate one property as your principal residence for any specific year. However, if you sold your principal residence and bought another (or moved to another property that you own) in the same year, you might be able to claim the principal residence exemption for both properties that year (known as the “plus one” rule).

   I sold my home - principal residence designation - H&R Block

   support.hrblock.ca/en-ca/Content/Other/PrincipalResidenceDesignation.htm

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   Can I sell a property as a principal residence?

   • However, CRA is very restrictive when applying this rule. When selling one of multiple properties owned, an owner can designate it as a principal residence for all or part of the years of ownership to take best advantage of the exemption and minimize the amount of capital gains tax paid.

   4 common questions about the CRA’s principal residence exemption

   www.cpacanada.ca/news/canada/2021-02-12-principal-residence-exemption

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   Can a spouse designate a property as a principal residence?

   • Clients should be aware that only one property per year, per family (spouse or common-law partner and children under 18), can be designated a principal residence. Although it is becoming rare now, each spouse can designate a different property as a principal residence for years before 1982.

   4 common questions about the CRA’s principal residence exemption

   www.cpacanada.ca/news/canada/2021-02-12-principal-residence-exemption

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   How long can a property be a principal residence?

   • If you make this election, you can designate the property as your principal residence for up to 4 years before you actually occupy it as your principal residence. To make this election, attach to your income tax and benefit return a letter signed by you. Describe the property and state that you want subsection 45 (3) of the Income Tax Act to apply.

   Changing all your rental or business property to a principal ... - Canada

   www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/principal-residence-other-real-estate/changes-use/changing-your-rental-business-property-a-principal-residence.html

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   What happens if a property is not deemed a principal residence?

   • Once sold, a property that isn’t deemed a principal residence will be subject to capital gains tax for the years it was not designated. A gain may also arise if the residence is designated for some, but not all, of the years of ownership. There is also a restriction on land size that qualifies for the PRE.

   4 common questions about the CRA’s principal residence exemption

   www.cpacanada.ca/news/canada/2021-02-12-principal-residence-exemption

   See all results for this question

2. www.canada.ca › en › revenue-agencyDesignating a principal residence - Canada.ca

   www.canada.ca › en › revenue-agency

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   Use Form T2091 (IND), Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust), to designate your property.

3. www.canada.ca › en › revenue-agencyPrincipal residence and other real estate - Canada.ca

   www.canada.ca › en › revenue-agency

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   How does a property qualify to be a principal residence? Designating a principal residence. When to designate your principal residence. When to use Forms T1255 and T2091. Disposing of your principal residence. You may have to report the gain on the sale (actual or deemed) of a home using Form T2091, or complete Form T1255.

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5. www.canada.ca › en › revenue-agencyChanging all your rental or business property to a principal ...

   www.canada.ca › en › revenue-agency

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   If you make this election, you can designate the property as your principal residence for up to 4 years before you actually occupy it as your principal residence. To make this election, attach to your income tax and benefit return a letter signed by you.

6. www.cpacanada.ca › news › canadaCRA’s principal residence exemption explained - CPA Canada

   www.cpacanada.ca › news › canada

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   • How long do I need to live in a residence to claim it as a principal residence and qualify for PRE? The CRA does not specify an exact duration of time an individual or their family members, including a spouse, common-law partner or children, must reside in a dwelling for it to qualify as a principal residence for a given year.
   • Can other properties, such as a cottage, be designated a principal residence and eligible for PRE? Most properties (home or cottage, for example) can be designated a principal residence—even those seasonal residences located outside of Canada, such as in the U.S. or Caribbean— as long as the owner or their family ordinarily inhabit it during each calendar year being claimed.
   • Can a property that generates income be deemed a principal residence and eligible for PRE? The mandatory income tax reporting of a principal residence sale was introduced by the CRA to limit when the exemption could be applied.
   • What penalties are incurred when the sale of a principal residence is not reported to the CRA? If an owner fails to report the selling of a principal residence, they could be subject to a late-filing penalty of $100 per month, up to a maximum of $8,000, according to the CRA.

7. www.cibc.com › converting-residenceConverting your residence: here’s what you need - CIBC

   www.cibc.com › converting-residence

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   If you make this election, you can designate the property as your principal residence for up to 4 years before you actually occupy it as your principal residence. Fortunately, this election need only be made by the filing due date of the return for the year in which you actually sell the property.

8. support.hrblock.ca › en-ca › ContentI sold my home - principal residence designation - H&R Block

   support.hrblock.ca › en-ca › Content

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   You designate the property as your principal residence. The land on which your home is located can also be part of your principal residence. Refer to the Canada Revenue Agency (CRA) website for more information on the requirements for qualifying land as part of your principal residence.

9. ourfamilyoffice.ca › wp-content › uploadsThis is how the principal residence rule works for Canadian ...

   ourfamilyoffice.ca › wp-content › uploads

   PRINCIPAL RESIDENCE RULES Since 1982, each family unit (which includes you, your spouse or common-law partner, and any unmarried kids under the age of 18) has been able to designate one property as its principal residence for each calendar year. To simplify the explanation, if you own a property for, say, 10 years and you