Principal Residence – Calculations and Exemptions #147

Legally Speaking

By Gerry NeelyB.A. LL.B. A taxpayer bought a home and occupied it as his principal residence for 18 months and then rented one-third of it for 46 months. He then sold the home for a gain of $52,000, which the Minister of National Revenue (MNR) taxed as a capital gain. The taxpayer appealed successfully and

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