本文发表在 rolia.net 枫下论坛8. What do I report when I actually sell my principal residence, if I used part of it as my principal residence and another part for my business or to earn rental income?
If only a part of your home is used as your principal residence and you used the other part to earn or produce income, whether your entire home qualifies as a principal residence will depend on the circumstances.
It remains the CRA’s practice to consider that the entire property retains its nature as a principal residence, where all of the following conditions are met:
the income-producing use is secondary to the main use of the property as a residence;
there is no structural change to the property; and
no capital cost allowance (CCA) is claimed on the property.
If your situation does not meet all three of the conditions above, you may have to split the selling price and the adjusted cost base between the part you used for your principal residence and the part you used for other purposes (for example, rental or business). You can do this by using square metres or the number of rooms, as long as the split is reasonable. Instructions are provided in the guide T4037, Capital Gains 2016, on how to report the sale of your principal residence in this situation.
For more information, refer to the Income Tax Folio S1-F3-C2, Pri更多精彩文章及讨论，请光临枫下论坛 rolia.net
If only a part of your home is used as your principal residence and you used the other part to earn or produce income, whether your entire home qualifies as a principal residence will depend on the circumstances.
It remains the CRA’s practice to consider that the entire property retains its nature as a principal residence, where all of the following conditions are met:
the income-producing use is secondary to the main use of the property as a residence;
there is no structural change to the property; and
no capital cost allowance (CCA) is claimed on the property.
If your situation does not meet all three of the conditions above, you may have to split the selling price and the adjusted cost base between the part you used for your principal residence and the part you used for other purposes (for example, rental or business). You can do this by using square metres or the number of rooms, as long as the split is reasonable. Instructions are provided in the guide T4037, Capital Gains 2016, on how to report the sale of your principal residence in this situation.
For more information, refer to the Income Tax Folio S1-F3-C2, Pri更多精彩文章及讨论，请光临枫下论坛 rolia.net