Akonstax

Principal residence is exempt from any capital gains arising on disposing the property. There are conditions to meet for criteria to treat a property as Principal Residence. One of the conditions is that property involved should be a housing unit and it must have been ordinarily inhabited in the year by you , your spouse or common in l aw partner or former spouse or common law partner or your child Tax payers have to designate the property as principal residence on Form T 2091( FormT2091 )if the tax payer is still living or on form  T 1255 if owner is deceased and represented by a legal representative,