Principal Residence Divorce Issue
My husband and I split up well over a year ago. We had, unfortunately, just purchased a condo a few months before and locked in for 5 years. The condo is in both our names. Anyways, I moved out into a small apartment and he stayed at the condo. We tentatively agreed that when the 5 year term was up we would sell and split the profit (he has since reneged but that's a whole other story). My question: When we sell, will I be dinged by the taxman because I no longer use it as my principal residence? ie. will my profit count as a capital gain? How about if I end up purchasing another property to live in while I'm waiting for the courts to decide who gets what?
BTW, I live in Quebec...
Thanks
BTW, I live in Quebec...
Thanks