Sale of rental property
My income wasn’t very good back then so I decided to rent the basement to help out financially. A young engineer looked at my basement and counter offered me. He said if I was willing to reduce the rent, he would agree to waive rent receipt. He explained he needed to save for his downpayment.
It turned out that he was also the best candidate (stable job, good references etc..) so I agreed. He stayed for about 3 years and then left. This property has always been my primary residence and I stopped renting it out after he left.
Now I have a new job and would have to move to a different province. I am contemplating to sell my property. Will I be exempted from capital gain tax?