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Claiming a property as your main residency is not the same as claiming to be resident in Canada for tax purposes. You need only stay in a property for 1 day a y
by hackerboos 10y ago
Claiming a property as your main residency is not the same as claiming to be resident in Canada for tax purposes. You need only stay in a property for 1 day a year, you need to spend much longer in Canada (183 days in that tax year).
This allows foreign based property speculators to avoid capital gains on property.
- crdb 10y agoRight, then let me reword, since I used the wrong wording: if you are resident in Canada for tax purposes, wherever you are resident is tax free if you own it. Otherwise - including a single day residency a year - it is taxed.