One of the main advantages of having a family home is the capital gain is usually tax free under the ‘Main Residence Exemption’.
The tax act also allows you to maintain the capital gains tax (CGT) exemption on your main residence if you have a 'temporary absence' for up to 6 years, as long as you are not claiming another property as your main residence at the same time. This applies even if the main residence is rented out during the period of temporary absence.
The
6 Year Temporary Absence Rule with Main Residence Exemption article is only available to our members.
Please enter your username and password below to gain access.
Click here to become a member.
