This module provides CPA professionals with a thorough analysis of the Principal Residence Exemption (PRE) rules, enabling them to accurately determine when and how this powerful exemption can shelter capital gains from taxation. The course explores the definition of a principal residence, ownership by trusts, implications of multiple properties, impact of change-in-use events, and CRA scrutiny of...
This module provides CPA professionals with a thorough analysis of the Principal Residence Exemption (PRE) rules, enabling them to accurately determine when and how this powerful exemption can shelter capital gains from taxation. The course explores the definition of a principal residence, ownership by trusts, implications of multiple properties, impact of change-in-use events, and CRA scrutiny of PRE claims. Participants will also assess post-2016 reporting obligations, penalties for non-compliance, and complex planning scenarios involving cottages, jointly-owned properties, and short-term rentals. Strategic planning and compliance techniques are emphasized to mitigate audit risks while maximizing client benefits.
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