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45 Exemptions  Form

45 Exemptions Form

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Video instructions and help with filling out and completing 45 Exemptions Form

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Instructions and help about schedule ge form g 45

hey my name is Steve par and today we are going to talk about the principal residence exemptions so uh the principal residence exemption allows you to sell a property and not pay any tax on it so the capital gain that you would normally acre from the sale of that property doesn't apply and so this video we want to cover off some of the uh nuances of that and ensure that if you are thinking about making use of the principal R exemption that you are doing it properly so the first thing you want to keep in mind is that the exemption needs to be reported so since 2016 the CRA has required that uh this exemption be reported on your personal income tax return so you want to make sure that you're working with your accountant to ensure that that is done and uh the second criteria is that residence exemption is only going to apply to a property that you actually live in so a property the CRA uses the term ordinarily inhabited so while there's not a specific set number of

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