Apologies if it has been ask before. Let's say you work in BC and renting. But planning to buy a property in Alberta and have it rented. Will your property in Alberta be considered as your primary residence? Many thanks.
Feb 13th, 2020 4:08 am
Feb 13th, 2020 8:16 am
Feb 13th, 2020 9:48 am
No. You must actually live in it, as your principal residence. The link posted by senasena is of no use to you, as you are not living there, and (based on the information you provide) you do not plan to move there and live in that house as your home.
When you change your principal residence to an income producing property, such as a rental or business property, you can make an election...
Feb 13th, 2020 2:36 pm
Feb 13th, 2020 2:56 pm
Feb 13th, 2020 3:33 pm
Thanks a lot.OttawaGardener wrote: ↑ No. You need to live there. ...get your mail there, sleep there, go to work from there. Basically, a principal residence is where you ordinarily reside.
https://www.canada.ca/en/revenue-agency ... .html#toc5
Feb 13th, 2020 11:14 pm
Feb 14th, 2020 2:38 pm
Can you please clarify? Are you suggesting OP buy the Alberta property and gift that to the daughter? That would be a deemed disposition at FMV for the OP, triggering either a cap gain or more likely or possibly income.
Feb 14th, 2020 3:20 pm
Well actually since he didn't buy the property yet, he can just purchase it under his daughter name.