Income Tax - Principal Residences (On-Demand - CPA PRO)
Overview
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.
Access expires 180 days from purchase date |
Course Description
This seminar examines the requirements for a property to undergo classification as a principal residence as well as the concepts of ownership and bare trustees, the ordinarily inhabited requirement, and the placement of housing units on multiple or large properties. Other topics include income earned from a principal residence, the concept of incidental income, change-in-use rules, and partial dispositions or residences held through trusts.
Applicable for
Learning Objectives
- 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
Content
- 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
Course Content Created: October 2025
The information is current as of the creation or last updated date. While we strive to keep our inventory updated and periodically remove outdated titles, changes in accounting, tax, legislation and technology may occur. Purchasers should note the date and verify for themselves if the course is still relevant to their needs.Presenter
Hugh Neilson, FCPA, FCA, TEPAbout This Product
On-Demand Courses by CPA PRO are either video recordings from live seminars, or video recordings produced specifically for the on-demand audience. Slides and any corresponding handout materials are included where available.These titles are eligible for Verifiable CPD Hours – in order to claim these hours as verifiable, you will be required to successfully complete a short quiz. You will be able to print or save your electronic certificate of completion.
Note that some courses comprise both formal instruction and self-directed exercises. In such cases, participants must complete both components to claim full CPD hours, or must reduce their reported CPD hours accordingly.
Please note that not all on-demand courses include downloadable materials such as course notes or slides.
How to get started
Upon completion of purchase, go to mylms.bccpa.ca and log in using your CPABC Online Services credentials. Click “Go to your Courses and Materials” to go to your Learning Center, then find and click on your course title.
Course Dates & Registration
- 7
- CPD Hours
- 0
- Ethics Hours
- 0
- AML Hours
- 10
- Credits
Starting April 1, 2026, a 2.1% fee will be applied to all credit card transactions. Learn more about this fee and how it relates to PD registrations.
Income Tax - Principal Residences (On-Demand - CPA PRO)
- 7
- CPD Hours
- 0
- Ethics Hours
- 0
- AML Hours
- 10
- Credits
Overview
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.
Access expires 180 days from purchase date |
Course Description
This seminar examines the requirements for a property to undergo classification as a principal residence as well as the concepts of ownership and bare trustees, the ordinarily inhabited requirement, and the placement of housing units on multiple or large properties. Other topics include income earned from a principal residence, the concept of incidental income, change-in-use rules, and partial dispositions or residences held through trusts.
Applicable for
Learning Objectives
- 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
Content
- 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
Course Content Created: October 2025
The information is current as of the creation or last updated date. While we strive to keep our inventory updated and periodically remove outdated titles, changes in accounting, tax, legislation and technology may occur. Purchasers should note the date and verify for themselves if the course is still relevant to their needs.Presenter
Hugh Neilson, FCPA, FCA, TEPAbout This Product
On-Demand Courses by CPA PRO are either video recordings from live seminars, or video recordings produced specifically for the on-demand audience. Slides and any corresponding handout materials are included where available.These titles are eligible for Verifiable CPD Hours – in order to claim these hours as verifiable, you will be required to successfully complete a short quiz. You will be able to print or save your electronic certificate of completion.
Note that some courses comprise both formal instruction and self-directed exercises. In such cases, participants must complete both components to claim full CPD hours, or must reduce their reported CPD hours accordingly.
Please note that not all on-demand courses include downloadable materials such as course notes or slides.
How to get started
Upon completion of purchase, go to mylms.bccpa.ca and log in using your CPABC Online Services credentials. Click “Go to your Courses and Materials” to go to your Learning Center, then find and click on your course title.
Course Dates & Registration
Starting April 1, 2026, a 2.1% fee will be applied to all credit card transactions. Learn more about this fee and how it relates to PD registrations.