Are there special rules for the principal residence exemption for non-residents?
Allan Madan, CA
Yes, the principal residence exemption will be adjusted based on the amount of time one is a non-resident. If an individual is a non-resident for the entire year, the individual will not be entitled to the principal residence exemption.
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The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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