Principal Residence Exemption | What You Need To Know!

What is the principal residence exemption?
Who is it for?
How do you claim it if you are eligible?

We answer all of these questions in this video.

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[joanneesposito]

Maybe include information on how to report when property jointly held by spouses. Do they both report? Do they divide the selling price by 50%.

[JackWard]

Thanks so much Steve. Here are my confusions and apologies as I've never done this before.
1. I sold my home in September and moved briefly into a cabin for two months until I bought my current home in November.
2. Do I register both? Where do I put them in my forms?
3. What are they expecting me to put down? Address and final sale price and date?
Thanks in advance!

[Cableman-hruu]

Would you please explain if a couple owns their principal residence under joint tenancy and if one of them dies, the other will own the property through right of survivorship, under this condition, does the deceased needs to report to the CRA in the last return OR does this condition considered as selling half of the property and also needs to file the T2091 form ? and if selling the principal residence doesn't require to pay capital gain tax, does it mean there is no need to file the capital gain form ?

[zparklezztudioz]

When can you start renting your primary/ principal residence . ? Or how to do this ? I don’t live here except summer vacation as am a university student

[PlatinumPuppies]

Hello, i lived in my property for 7 years, it was deemed by principle residence. However, a year before I sold it, I rented it out for one year. Does the capital gains tax apply for the entire period from the time i purchased the property or only for the one year before I sold it?

[shawn]

Hello. I live in Arizona and about 2 years ago I turned my condo it into a rental property and its being rented ever since. Before it was rented, I lived in it for 2 years. I plan on selling this place next month. Do I still qualify for the 2 out of 5 rule although the property has been being rented for the last 2 years?

[thatlincoln]

Thanks for the info! Is it true you need to live in the house for over a year to apply for this exemption?

[a]

For #3, what if you live in the home but rent out the basement?

[robertbridgen]

How about Principal Residence Exemption on death and the home is left to my family.