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I, , hereby designate the property described above to have been my principal residence for the (print your name) following tax years ending after the acquisition date: a) (specify which tax years after 1971 and before 1982) b) (specify which tax years after 1981) For those years before 1982, I confirm that I have not designated any other property as my principal residence. For those years after 1981, I also confirm that neither I, nor my spouse or common-law partner (who was not separated an.

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A family unit (the taxpayer, along with her spouse and any unmarried minor children) is entitled to one principal residence exemption (PRE) per year. Check if the property is eligible (see PRE criteria ). Determine in what years the property was your client's principal residence.

When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return and you do not have to pay tax on any gain from the sale.

One per family. A family unit can only designate one property per year as a principal residence. ... Must inhabit the home. ... You have choices. ... Cannot earn income. ... Restriction on the amount of land. ... Remember, any property you own and use.

Use Form T2091(IND), Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust) to designate a property as a principal residence.

To claim the whole exclusion, you must have owned and lived in your home as your principal residence an aggregate of at least two of the five years before the sale (this is called the ownership and use test). You can claim the exclusion once every two years.

According to the Canada Revenue Agency (CRA), the process of disposition means the sale price of a property. The proceeds of disposition are the amounts you receive, or that you are considered to have received when you dispose of your property.

When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return and you do not have to pay tax on any gain from the sale.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232