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claiming a principal residence exception have you sold your principal residence in the air if the answer is yes this video is definitely for you I will answer the most commonly asked questions about the principal residence exemption so why is the principal residence exemption so important in Canada when you sell your primary home the entire game is completely tax-free a principal residence can be a house a condo or a co-op including the adjacent land up to one point two acres large to be considered a principal residence you or your spouse must have lived in the property furthermore you can only claim one principal residence per family for example if you claim your primary home is your principal residence your spouse can't also claim the family cottage as a principal residence too this exemption is calculated by multiplying the game you made on selling your home by a specified percentage the specified percentage is equal to 1 plus the number of years that you lived in the home divided b

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