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Capital gains on subdivided land
– moneysense.ca
Q. Our primary residence of three years is built on a double lot. We received a partial discharge of our double lot and built our house on it for cash. Do we have to pay any capital gains? We did not plan on doing this when we first purchased.
–Devon
A. In order for a property to qualify for the principal residence exemption from capital gains tax, it must meet four criteria:
–Devon
A. In order for a property to qualify for the principal residence exemption from capital gains tax, it must meet four criteria:
It is a housing unit, a leasehold interest in a housing unit, or a share of the capital stock of a co-operative housing corporation you acquire only to get the right to inhabit a housing unit owned by that corporation.
You own the property alone or jointly with another person.
You, your current or former spouse or common-law partner, or any of your children lived in it at some time during the year.
You designate the property as your principal residence.
Assuming the property meets these criteria, Devon, there is a further consideration related to the land. Generally, if the land size is less than 0.5 hectare (1…
