本文发表在 rolia.net 枫下论坛You are allowed to designate a maximum of 4 years for the principal residence exemption, while the property is being rented out (provided you are still a Canadian resident).
Lisa owned a home that she purchased in 1999. She lived in this home until June 1, 2002 at which point she rented the house to a friend while she lived elsewhere. The rental period lasted until May 30, 2008. Lisa moved back to her house on June 1, 2008. Lisa then sells the house in 2010 for above cost. Lisa did not claim CCA during the rental period.
When she filed her 2002 T1 return she attached a letter filing for the 45(2) election so that she can use the max 4 years for principal residence exemption.
In 2010, for the principal residence exemption she elects the following years:
o From 1999 to 2002: 4 years (she “ordinarily inhabited” the house)
o From 2003 to 2007: 4 years by virtue of 45(2) – note that although this house was rented for 5 years, she can only use a max of 4 years
o From 2008 to 2010: 3 years (she “ordinarily inhabited” the house)
The house was owned for a total 12 years; and with the “1 plus” rule for principal residence exemption – she will be able to offset the entire capital gains with the principal residence exemption
i.e. (1+12)/12 * Capital Gain.
If Lisa had claimed CCA during 2003-2006, she will not have been eligible for the principal residence exemption for those years.更多精彩文章及讨论，请光临枫下论坛 rolia.net
Lisa owned a home that she purchased in 1999. She lived in this home until June 1, 2002 at which point she rented the house to a friend while she lived elsewhere. The rental period lasted until May 30, 2008. Lisa moved back to her house on June 1, 2008. Lisa then sells the house in 2010 for above cost. Lisa did not claim CCA during the rental period.
When she filed her 2002 T1 return she attached a letter filing for the 45(2) election so that she can use the max 4 years for principal residence exemption.
In 2010, for the principal residence exemption she elects the following years:
o From 1999 to 2002: 4 years (she “ordinarily inhabited” the house)
o From 2003 to 2007: 4 years by virtue of 45(2) – note that although this house was rented for 5 years, she can only use a max of 4 years
o From 2008 to 2010: 3 years (she “ordinarily inhabited” the house)
The house was owned for a total 12 years; and with the “1 plus” rule for principal residence exemption – she will be able to offset the entire capital gains with the principal residence exemption
i.e. (1+12)/12 * Capital Gain.
If Lisa had claimed CCA during 2003-2006, she will not have been eligible for the principal residence exemption for those years.更多精彩文章及讨论，请光临枫下论坛 rolia.net