Legally Speaking Principal Residence – Calculations and Exemptions #147

A taxpayer bought a home and occupied it as his principal residence for 18 months and then rented one-third of it for 46 months. He then sold the home for a gain of $52,000, which the Minister of National Revenue…

Legally Speaking Principal Residence – Exemption or Taxable Gain #131

Where the lands surrounding a principal residence exceed one acre, the excess area only falls within the principal residence exemption if the owner…

Legally Speaking Property Purchase Tax Act (Continued) #107

On July 10, 1987, the Ministry of Finance closed the loophole referred to in the second example in Column 106 by an amendment to the PPTA…

Legally Speaking Property Purchase Tax Act #106

We can expect publication in late July of regulations to carry out the intent of this Act. These regulations may…

Legally Speaking Principal Residence Exemptions #42

In the first case, the question was whether or not the sale of 9.3 acres made by the taxpayers under threat of expropriation by a municipality, leaving 7/10ths of an acre upon which the taxpayers’ house was situated…