Ray_Merk Posted November 6, 2022 Report Share Posted November 6, 2022 Hi, Am I allowed to forfeit the designation of a "primary residence exemption" status on a property I own that meets the "primary residence exemption" criteria? I own a condo that has decreased in value and would prefer to accumulate a capital loss from the proceed. Thanks! Quote Link to comment Share on other sites More sharing options...
Maggie3 Posted November 7, 2022 Report Share Posted November 7, 2022 Hello Ray_Merk, You may review the income tax folio on the sale of a primary residence “Income Tax Folio S1-F3-C2, Principal Residence” or refer your question to the CRA (Canada Revenue Agency) at 1-800-959-8281. Our advice is limited to the use of the software. Your question falls into the category of tax advice. You may also refer to the links below, which may be helpful. https://www.taxtips.ca/filing/principal-residence-exemption.htm https://www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-1-individuals/folio-3-family-unit-issues/income-tax-folio-s1-f3-c2-principal-residence.html Quote Link to comment Share on other sites More sharing options...
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