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Originally Posted by Nikki
Do you have to live in it for a full year to avoid paying the tax?
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You don't need to live in it for a year, but you must have lived in it in the year.
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A property qualifies as your principal residence for any year if it meets the following four conditions:- it is a housing unit, a leasehold interest in a housing unit, or a share of the capital stock of a co-operative housing corporation you acquire only to get the right to inhabit a housing unit owned by that corporation;
- you own the property alone or jointly with another person;
- you, your current or former spouse or common-law partner, or any of your children lived in it at some time during the year; and
- you designate the property as your principal residence.
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CRA
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