Wednesday’s (September 23,2020) Speech from the Throne was clear that tax changes targeting the wealthy are coming. Many Canadians bank on profits from homeownership to secure their financial future and gain wealth. If you are unable to take the principal residence exemption, there can be a significant tax liability on the increase in the value of your home. In this video, I give a high-level view of the principal residence exemption and related tax planning.
0:00 Introduction
0:26 Tax Exemption Criteria
2:02 Will you lose the Principal Residence Exemption
6:52 Why you must declare the Sale of Principal Residence
7:08 Real Life Tax Case on PRE
8:31 Change in use of Principal Residence
8:52 Capital Improvements to your principal residence

The information provided in this video is intended to contain general information. The data does not take into account your situation and is not designed to be used without consultation from accounting and financial professionals.

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