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H
havanraj
January 29, 2022
Question

If the owner is living upstairs with basement suite rented to a tenant, then the owner can get primary residence capital gains tax exemption when the house sold later?

  • January 29, 2022
  • 1 reply
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In normal circumstances, owners get primary residence tax exemption on capital gains when the house got sold but the house got basement suite that is rented, then the owner will be still able to get the capital gains tax after the house sold?

    1 reply

    TurboTaxSusan
    TurboTaxSusan
    January 29, 2022

    If someone is renting out part of their principal residence, they can likely still claim the capital gains tax exemption on the part of the home that is still their principal residence. However, they may need to pay capital gains on the part of the home that they are renting out.

     

    This Canada Revenue Agency (CRA) page has more information: Changes in use

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