Re:Canada to ban foreigners from buying homes
by earleybird on Friday April 08, 2022 @02:42PM
(#30960934)
The scenario allowed in your reference is not the same. The original scenario was a rental/income property declare principle (for some short period of time) for the purpose of shielding capital gains whereas the exemption you reference is a principle residence allowed to be used for rental/income. Note that you cannot declare another property as principle while you're renting out your homebase. I expect it is meant for cases where you might take a job transfer for a period of time.
The taxman never leaves money on the table.
"When you change your principal residence to an income producing property, such as a rental or business property, you can make an election not to be considered as having started to use your principal residence as a rental or business property. This means you do not have to report any capital gain when you change its use. "
https://www.canada.ca/en/revenue-agency/services/tax/individ...