3. Only those who were residents of Canada during the year that includes the acquisition date will get the additional year of coverage of the principal residence exemption. If you are a Canadian resident throughout the period you owned your principal residence, then this will not impact you. You will still be able to claim the principal residence exemption for one plus the number of taxation years that end after the acquisition date for which the property is your principal residence and during which you were a resident in Canada. However, on dispositions after October 2, 2016, the Government has changed that Act so if you acquired the property in a year you were not a resident of Canada you will no longer get the additional year.

4 BIG points Canada: New Principal Residence Exemption Rules Last Updated: January 25 2017 Article by MaryAnne Loney McLennan Ross LLP http://www.mondaq.com/article.asp?articleid=563188&email_access=on&chk=1284958&q=721770

3 points re: CMHC Raises Mortgage Default-Ins Premiums (by 11.% to 126%) for only $5/mth (on $266,304 Purchase)

Thanks to Charles Park, RE/MAX West in Toronto, we learn of the cost increases in Default-Insurance from CMHC (they says this about themselves “…a Crown corporation-the only mortgage insurer whose proceeds benefit all Canadians” –link below in purple) FIRST —-The $5/month Talking Point aka Weasel Words Based on (nationwide) CMHC Averages during the first nine…