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Old 12-18-2014, 12:40 AM   #7
Winsor_Pilates
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Talk to a good accountant as it's not cut and dry.
I just covered this in a real estate tax class about 2 weeks ago and there is a lot of very close variables.
Your intent plays a very big part in things, and if it had remained to simply sell your primary residence and move into the new one, I'm pretty sure you'd be fine.
As others have mentioned, you have a 1 year cushion to taking possession of your new place before closing your old place so that isn't an issue in itself.

Where you may have an issue is that you changed your intent to make it a rental property and if CRA could prove this you would likely need to pay tax.
It's a good thing you actually have not rented it out though, as it would be hard to prove your intent changed at any point (aside from this CP thread). I would stop letting people know that part of the story until you've confirmed things with a good accountant.
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