TRAX123

Hi there, we are in our house less than a year and want to sell and move bcoz hubby relocated with work. Will we have to pay taxes on the money we make even though the home is our primary residence.
Thanks
Trax

Almost Canadian

No

Auld Yin

I trust you know that if you move house for job purposes (more than 40 miles, I think) you may claim some or all of your moving costs on your tax return. That's assuming it's not a company paid move.

635675408

one of the very few things that is not tax-able...profit form a home sale that is your primary Res....Enjoy

iaink

Gotta be careful though if you sell up to leave the country... at that point you are no longer canadian resident, so your primary home cant be in Canada and you can get dinged for capital gains....

shelley748

Just make sure you sell the house before you leave the country and have lived in Canada in the tax year concerned for less than 183 days, then you can be non resident I believe.

JonboyE

The bold bit is the crucial point.

You only need to live in the house for one day in the year to qualify it as a principal residence. The 183 day rule does not apply if you are a factual resident.

shelley748

sorry yes should have clarified, my mind races sometimes, I meant for income tax/residential purposes the 183 day rule.