When selling a principal residence, capital gain may be tax-exempt if the property was your primary residence for every yr you owned it.
A principal residence can include a house, cottage, condo, apartment, duplex unit, trailer, mobile home, or houseboat you own or jointly own.
To use the exemption, report the sale correctly on your return; each family unit can designate only 1 principal residence per tax yr.
First-time buyers may claim up to $5K when they acquire a qualifying home and meet ownership history rules, with disability-related exceptions available.
Buyers may also explore RRSP withdrawal options, new-home GST/HST rebates, and accessibility renovation expenses, depending on eligibility and how the home is used.
