| ||||||||||||
 | ||||||||||||
| ||||||||||||
| ||||||||||||
 |  |
|
| ||||||||||||||||||||||||||||
|
Principal Residence Lot Size
Normally, you can use the principal residence exemption to exempt from tax the gain on the sale of a house and the land around it -- but only up to 1/2 hectare (about 1.2 acres). However, the house's location may need more than a 1/2 hectare to provide you with access to and from public roads. Minimum lot sizes or property and severance restrictions might also tip your lot size over the threshold. If you can show for reasons like these that the extra land is clearly necessary for the home's use and enjoyment as a residence, CRA will let you use the exemption on more than the surrounding 1/2 hectare.
Click HERE for a discussion on calculating the principal residence exemption
|
|
