What should homeowners know about the CRA's principal residence exemption amid recent scrutiny?
What should homeowners know about the CRA's principal residence exemption amid recent scrutiny?
The CRA's principal residence exemption (PRE) allows homeowners to avoid capital gains tax when selling their primary home. However, recent scrutiny from the CRA has raised questions about its eligibility and application. Homeowners must understand the guidelines, maintain accurate occupancy records, and consult a tax professional to protect their exemption rightfully. This knowledge will help ensure compliance and optimize financial outcomes when selling properties.