Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

How do I find out if my home actually qualifies?

Whether a home actually qualifies as your principal residence for Canada's tax exemption on sale depends on specific facts: you have to have owned it, and you or an immediate family member has to have ordinarily lived in it during each year you designate, according to Canada Revenue Agency rules.

A property used partly as a rental, partly as a home office beyond a modest space, or owned jointly with someone outside your household can complicate that designation, so the honest answer is usually specific to your file rather than a general yes or no.

An accountant is who actually confirms eligibility, since the designation is filed with your tax return in the year of sale, not decided by a real estate agent. What an agent can confirm instead is the property's value and history, benchmarked against Saskatoon's $444,700 figure rather than an online estimate, the documentation an accountant needs to support the designation.

Joel Dyck documents a property's improvements and comparable sales so a seller's accountant has real numbers to work with rather than a guess. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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