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

http://www.mondaq.com/article.asp?articleid=563188&email_access=on&chk=1284958&q=721770

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