Principal Residence

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

Principal Residence – Exemption or Taxable Gain #131

Legally Speaking

By Gerry Neely B.A. LL.B Where the lands surrounding a principal residence exceed one acre, the excess area only falls within the principal residence exemption if the owner can prove that the excess is necessary to the use and enjoyment of the housing unit as a residence. The standard of proof required of an owner

Property Purchase Tax Act (Continued) #107

Legally Speaking

By Gerry Neely B.A. LL.B On July 10, 1987, the Ministry of Finance closed the loophole referred to in the second example in Column 106 by an amendment to the PPTA, rather than by regulation. The first example given in that column of the purchase by a husband and wife was intended to illustrate the

Property Purchase Tax Act #106

Legally Speaking

By Gerry Neely B.A. LL.B We can expect publication in late July of regulations to carry out the intent of this Act. These regulations may: list transactions that are to be taxed even though the interest being sold is not capable of being registered in the Land Title Office, and try and tax the value

Principal Residence Exemptions #42

Legally Speaking

By Gerry NeelyB.A. LL.B. In the first case, the question was whether or not the sale of 9.3 acres made by the taxpayers under threat of expropriation by a municipality, leaving 7/10ths of an acre upon which the taxpayers’ house was situated, was exempt from taxation as falling within the principal residence exemption. Fourteen years