I am looking at the meaning of principal residence as per CRA.
Types of property that can qualify as a principal residence
2.7 As indicated in the definition in section 54, the following types of property can qualify as a principal residence:
- a housing unit, which the CRA has accepted could include:
- a house;
- an apartment or unit in a duplex, apartment building or condominium;
- a cottage;
- a mobile home;
- a trailer; or
- a houseboat.
- a leasehold interest in a housing unit; or
My client sold her 4-plex where she designated one of the units as principal. I am assuming she has a capital gain on the other 3 units.
What are your thoughts? I am trying to find some information relating to the capital gain on the 3 other units.