Quote:
Originally Posted by Khel
Thanks Fotze! Much appreciated!
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I'm not sure Fotze's correct. In a personal finance course I took a couple of years ago I was told that you do not pay capital gains tax on real estate if it is deemed your 'primary residence.' However should you have more than one property and you deem them both 'primary residences' at different times (You cannot have more than one primary residence at any given time), then you would have to pay a pro-rata share of the capital gains based on a formula derived from CRA on both properties that has something to do with how many years you owned the properties etc. etc. This of course could have changed in the few years since I tooke the course (2006).
Anyways, best not to leave tax advice to a message board, check with CRA or a tax professional yourself to figure it out for your own situation.