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Principal Residence Upgrade

1080 Views 4 Replies 3 Participants Last post by  leangm
If I sell my principal Residence to buy a more expensive principal Residence. Do I have to pay capital gain tax on sale of principal residence sale?
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No Tax as long as it was 100% principal residence for all the years you owned it. You will need to report the capital gains on Schedule 3 and complete form T2091 designating it as your principal residence in the year you sell.
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