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#8916635 - 01/19/17 09:01 AM Re: So who is interested in buying an investment condo [Re: Risky Business]
TheRealCSnapper Moderator Offline
Post Master Supreme


Registered: 12/05/02
Posts: 31954
Loc: Toronto, Canada
 Originally Posted By: Risky Business
If you move and rent your condo still remains your principal residence, it's only if you bought a second property. The whole point of this is for government not to allow people to cash in on property appreciation on more than 1 property.

If you are renting the new place where you live, you don't stand to profit from appreciation so it won't be an issue. WHen you sell your condo the entire appreciation will be tax free.


Thank you. I guess I sorta misunderstood. I will double check with my accountant for clarification, but I like what I'm reading.

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#8916640 - 01/19/17 09:14 AM Re: So who is interested in buying an investment condo [Re: Risky Business]
xza8 Offline
Sr Member


Registered: 12/18/09
Posts: 1065
 Originally Posted By: Risky Business
If you move and rent your condo still remains your principal residence, it's only if you bought a second property. The whole point of this is for government not to allow people to cash in on property appreciation on more than 1 property.

If you are renting the new place where you live, you don't stand to profit from appreciation so it won't be an issue. WHen you sell your condo the entire appreciation will be tax free.


If you rent more than 50% of your condo, it will actually not qualify, even if its your 1 and only property.

Unless the CRA doesn't know about your tenant.

http://www.theglobeandmail.com/globe-inv...article4544160/

However, there is good tax advice and bad tax advice. Paying tax means you are making $. Don't let tax deter you from making $.

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#8916647 - 01/19/17 09:20 AM Re: So who is interested in buying an investment condo [Re: xza8]
Risky Business Offline
Provides a Great Work Environment. he/him
Post Master Supreme


Registered: 05/17/10
Posts: 44789
Damn it, I knew someone would bring up the caveat.

I didn't want to get into specifics, but in the end, no one renting a higher end condo is going to claim rent expense as they won't be eligible for any deductions, so I am already under the assumption OP would go in that direction.

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