Jump to content

Capital Gains


Recommended Posts

I wanted an advice if me and my brother buy a house which is in my province and I with my family will be living in it, my brother is in another province but he is in a rental apartment with family so this new home will be his principal residence also, but my brother doesn’t plan to live in the new house and continue to live in another province. To keep this new home his principal residence how long he will have to live in the new home if that's needed, I read somewhere that it has to be ordinarily inhabited so in that sense and if he lives only for some time in the new house but then goes back to live in his province, what proves he can give that he lived in the new house for some time. Also, in case if CRA don't accept this as his principal residence what about the capital gains then if the property is sold in the future how will that be calculated. And if we buy the new home as Tenants in Common criteria, my share we set to 99% and my brother set to 1% does that mean if it's not accepted as his principal residence then when the property is sold in the future, he will have to only pay the capital gains on the 1% share of the property or how that works, really appreciate your good advice in this.
Thanks & Regards
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Create New...