If you are renting in Canada and do not own a house in Canada.Live in a rental apartment, not ownership house.
But you have an overseas personal use apartment. (Not rental)
If you sell that overseas apartment, do you get Principal Residence Exemption on it? Can you designate the overseas house as Principal Residence?
If you have to pay Capital Gains tax on it, is the price adjusted to Inflation or Consumer Price Index or something?
Say overseas house you bought in 2010 year for $100,000/- but now it’s worth $250,000/- in 2025. And you sell it for $250,000/-
Do you pay Capital Gains Tax on $ 75,000/- (50% of $150,000 profit). Or the inflation is seen in the 15 years from 2010 to 2025 & the $100,000/- cost price of the house from 2010 is adjusted accordingly?
Regards.
SOCIAL CONNECT