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Tax Free Capital Gains

In Canada, generally any profit on the sale of a principal residence is a tax free capital gain and any expenses incurred in the carrying costs (or costs incurred on a sale) are NOT tax deductible.

To qualify as a principal residence, generally, the following requirements must be satisfied:

  1. The unit must be a residential housing unit; and

  2. The unit must be solely or jointly owned with another person; and

  3. At some point in time in the year (there being no minimum time period, being only based on whether the unit was in fact ordinarily occupied for any period and not being occupied merely for the purpose of gaining or producing income) in which the property was sold, the unit must have been lived in by the owner or the owner's current or former spouse or common law partner or by any of the owner's children. If during the year in which the unit was sold, the unit was vacant, but was occupied in the year prior to sale, it can still be considered the sale of a principal residence if an appropriate election is filed - IT-120R6; and

  4. The property is designated as a principal residence (see Canada Revenue Agency website at www.cra-arc.gc.ca) and see also (IT-120R6).

NOTE: Generally, the value of land adjacent to the home, in excess of 1.24 Acres (1/2 hectare) will not be included as part of a principal residence unless such excess land was reasonably required for the use of the principal residence. Farms have special rules as noted in IT-120R6.


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