Selling Your Principal Residence
Since 1971, Canadians have been taxed on the gain realized when capital assets – real estate, stocks and mutual funds and other investments – are sold. There are a few exceptions, and the one we are most familiar with is the sale of a residence.
The sale of a “principal residence” is specifically exempted from tax in the Income Tax Act. Here are a few things to keep in mind when selling your home or vacation property:
Canada’s tax incentives for charitable donations are designed to encourage support of your favorite charities. Did you know that in Alberta, the tax credit you receive may result in a refund of over half the contributed amount?