What is a principal residence?
Your principal residence can be any of the following types of housing units:
- a house;
- a cottage;
- a condominium;
- an apartment in an apartment building;
- an apartment in a duplex; or
- a trailer, mobile home, or houseboat.
A property has to qualify to be a principal residence.
If you filed a capital gains election on your principal residence, you will need the figures from your Form T664 or T664(Seniors), Election to Report a Capital Gain on Property Owned at the End of February 22, 1994, to calculate your reduction.
Forms and publications
- Guide T4036, Rental Income
- Guide T4037, Capital Gains
- Schedule 3, Capital Gains (or Losses)
- Form T2091(IND), Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust)
- T2091(IND)-WS, Principal Residence Worksheet
- Form T1255, Designation of a Property as a Principal Residence by the Legal Representative of a Deceased Individual
- Income Tax Folio S1-F3-C2, Principal Residence
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