Many Canadians own a principal residence, but the tax implications of transactions involving principal residences are not always well known or fully understood. This seminar examines all aspects of principal residences from a federal tax perspective, including unusual situations and the unexpected issues or outcomes that can arise in such cases.

• Apply the mechanics of the principal residence deduction (including the components of the formula and the year-by-year designation)
• Apply the definition of the term "principal residence" including the terms like "housing unit" and "ordinarily inhabit"
• Identify the impact of the change in use rules on residences (including partial changes in use)
• Describe the implications when only a portion of a property qualifies as a principal residence (including large acreages and properties used to earn income)
• Interpret the rules when a residence is owned by a trust and the October 2016 amendments in this area

• principal residences and capital property, including the doctrine of secondary intention and implications for house flippers 
• the definition of a housing unit, including trailers and houseboats
  property owners, including bare trustees
• conditions that meet the ordinarily inhabited rule, including situations where taxpayers have moved into care facilities
• the designation of a property as a principal residence and the mechanics of the principal residence formula
• properties used to earn income and the concept of incidental income
• housing units on multiple properties and properties in excess of one-half hectare
• partial dispositions of a property, including prior subdivisions
• the change-in-use rules, elections to avoid these rules, and implications of filing elections
• residences held through trusts and the impact of the October 2016 legislative amendments
• the impact of separation and divorce on the principal residence exemption

Live webinars have varying levels of expected interaction, with some requiring microphone and camera capabilities to support a proper learning experience – please email pdreg@bccpa.ca if you have concerns. 

In general, we encourage participants to have their cameras turned on to enhance their virtual learning experience. This practice promotes a stronger connection with the instructor and fellow participants, and fosters improved communication and collaboration.

Live Webinar FAQs can be found here.  

Registration terms and conditions, including the cancellation policy can be found here. If you require further assistance, please contact the PD Department.