The exemption covers gain accumulated while the property was your principal residence for each year of ownership. If part of the home was rented out, used for business, or if you owned more than one property during that period, a portion of the gain can become taxable for the years the exemption does not cover.
An inherited home or a second property follows different rules, and capital gains tax may apply to 50 percent of the gain at your marginal rate in those cases.
This is general information, not tax advice, and every seller's ownership history is different. Joel can refer you to a trusted Saskatoon accountant to confirm your specific situation before you list.
Get your hand-reviewed valuation from Joel Dyck.