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ARTICLE · 09 SEPTEMBER 2020

Changes To The Canadian Principal Residence Exemption – Part Two

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Our firm's earlier blog and podcast on possible changes to the Canadian principal residence exemption generated a lot of feedback and discussion.

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Our firm's earlier blog and podcast on possible changes to the Canadian principal residence exemption generated a lot of feedback and discussion. Such feedback and discussion was not surprising given how foundational and important the exemption has been in Canadian tax policy. The feedback generated a number of questions and comments that Kenneth Keung and I thought would be worth a Part Two discussion.

Accordingly, in Part Two of the Principal Residence Exemption episode, we discuss:

  • If changes were made to the principal residence exemption, would / should such changes be made prospectively or apply with retroactive effect?
  • If changes were made, would Canadians need to properly value their principal residences on the date that such changes were made effective? Are there examples of this historically?

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