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Primary Residence Exemption declining


Ray_Merk
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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!

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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

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