Bifalgorithm post

How long do I have to live in a residence in order to claim it as my principal residence and qualify for the exemption? So, CRI does not actually specify a time duration that you or your family members or your kids have to spend in a specific dwelling in order to qualify for the principal residence exemption. What they do is they use the term ordinarily inhabited throughout the calendar year. Now, this can obviously mean a lot of different things, so you just need to be really careful with regards to the exemption when you occupy a property for a very short period of time. Ultimately, what CRA is going to do is they're going to look at the specifics around your personal circumstances and try to figure out why you're buying and selling properties in a short period of time. If there's a pattern of trying to generate short term capital gains by flipping properties, you may not qualify for the principal residence exemption. This is because CRA will view this as a business where you're flipping houses as opposed to holding an asset with the intention of living in it for the long term.

How long do I have to live in a residence in order to claim it as my principal residence and qualify for the exemption? So, CRI does not actually specify a tim…