Principal Residence Canada Capital Gains

Principal residence Canada capital gains, How does the Canada Revenue Agency view it. A very common question asked by Canadian Real Estate investors about their principal residence. How their property does qualifies as principal residence and what is Canada Revenue Agency’s parameter.

Principal Residence Canada Capital Gains

Principal Residence Canada Capital GainsPrincipal residence Canada capital gains depends upon  always about the size, usage and ownership. It is important for one to know because this is only tax loophole available for Canadians.

A property qualifies as your principal residence In Canada for any year if it meets all of the following four conditions:

1. 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.

2. You own the property alone or jointly with another person.

3. You, your current or former spouse or common-law partner, or any of your children lived in it at some time during the year.

4. You designate the property as your principal residence.

The land on which your home is located can be part of your principal residence. Usually, the amount of land that you can consider as part of your principal residence is limited to 1/2 hectare (5,000 square meters), which converts to about 1.24 acres (53,819 square feet).
Since these are requirements are based by Canada Revenue Agency, they intend to apply across Canada. If you have further questions, you should speak directly to Canada Revenue agency or your accountant

However, if you can show that you need more land to use and enjoy your home, you can consider more than this amount as part of your principal residence. For example, this may happen if the minimum lot size imposed by a municipality at the time you bought the property is larger than 1/2 hectare.

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The above information is provided as a guideline and is not intended to give a professional legal advice. Please consult a real estate lawyer for their opinion on your particular case.

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Home Sold Vancouver for more than half a Million asking price

Home Sold Vancouver is becoming norm.”Real Estate market is steamy hot in Vancouver says Navtaj Chandhoke, founder of Professional Real Estate Investors Group (PREIG) Canada, “Great quality neighborhood with large lots can dictate unbelievable price in Vancouver”

This Home Sold Vancouver located on7289 Waverley Avenue, Burnaby had 5-bedroom, 2-bathroom, detached house with approximately 3,408 square foot. Based upon British Columbia Assessment of 2011, its value should be approximately $850,800.00. This property was listed on Multiple Listing service MLS for $1.198 million dollars.

This property get sold for $1.738 million dollars within a week time $540,000.00 dollars
over asking price! Wow!
$540K over asking price

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RRSP Investment Options

November 19th,2010 | |

“RRSP can be utilized to its maximum benefits as per the guidelines of Canada Revenue Agency (CRA) apart from tax deferral and retirement savings. Being an educated Professional Real Estate investor would be able to get benefits many times over says Navtaj Chandhoke, founder, World Wealth Builders, a Canadian Institute for Real Estate investors and mentoring. You need to learn and keep yourself up to date to have maximum benefit from your RRSP”.

RRSP Investment Options

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