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Isn't there a lifetime limit of capital gains shelter there much less than the price of homes in the big cities? It's not like the US where mortgate payments a

• acchow 4y ago
  No, in Canada there is no limit to the tax exemption for primary residence. > the US where mortgate payments are sheltered Not sure what you mean by this. In the US, the interest on your mortgage is tax deductible up to a certain amount. But the amount of this tax advantage is fixed at your purchase price. You don't get increasing tax savings as the value of your home increases. As for capital gains tax deduction, this is limited to $250k for a single filer, or $500k for married.
  • ska 4y ago
    Ah I see, there is a lifetime capital gains exemption limit but not applied to “primary” residence. There it seems to just be exempt. And yes I meant there isn’t a mortgage deduction but had think while typing.