Will I Have To Pay Capital Gains When I Sell My Residence?

I checked with our Accountant and here is what I was told:

You will not have a taxable capital gains on sale of your Principal Residence property.  Due to the problem in B.C. the Canada Revenue Agency just wants everybody to report the sale of their principal residences so they can track primarily foreigners who would not qualify for the principal residence exemption.

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Terry Black

Terry Black

Sales Representative
CENTURY 21 Trident Realty Ltd.
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