This session covers the intricacies of the main residence exemption, a pivotal aspect of income tax legislation that can significantly impact a person's most valuable asset—their main residence.
We explored the nuances of this generous exemption including its burdensome qualification criteria and how particular actions or inactions can result in the loss of the exemption in whole or in part.
Our presenters covered the following key topics:
- Unlocking income potential from a main residence
- Strategies for preserving the exemption during demolition or subdivision
- Navigating succession and deceased estate issues, and
- Understanding the impact of absences, particularly for foreign residents.