Quote:
Originally Posted by jinxx123
I have no problem living there for a month or so if it means I can afford capital gains tax on six figures!
Is it just me, or is it unbelievable how much real estate in Calgary has boomed in the last two years? I was talking to a friend at work who bought a house in Kincora a few years ago, and she remembers being blown away that the house cost over $200,000!!! Ahhh.... the good old days.
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It is more complicated than that.
I think you need to complete a T2091, simply because you have owned the rights to a property which has appreciated and was not your principle residence. If you were to live in it for a year or 2 you would probably have no issue claiming the PRE. But since it has been so long since you "locked in" the price, and the property has increased in value so much, I think the CRA would view some of this as a capital gain. Since you have had some of the appreciation while the property was not your principle residence, they would require you to complete the T2091 and go by the result.
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