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Tuesday, May 21, 2013

Did you know there's a limit to how much land you can include in a principal residence exemption?

In the attached article from www.allaboutestates.ca, Stephen Frye talks about the principal residence exemption from capital gains tax.

As most of you may know, you can sell your home or leave it to someone in your will without you (or your estate) having to pay tax on the transfer, as long as the home is your principal residence. Of course, like all rules, it has fine print. Mr. Frye goes a little deeper into the principal residence exemption by explaining how much land you get to claim within the exemption. This is definitely worth a look if you (or your parents) live on an acreage or old homestead. Click here to read the article.

1 comment:

  1. My knowledge in this topic is not really that broad but I do know some basic processes with regards to buying and selling. I've also read some helpful information related to your topic at Homes For Sale in NW Calgary. Maybe I'll do further studies and reviews with regards to principal residence exemption for future references as this really gained my interest.

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