filing tax return question--dispose of principal residence?
What does it mean by "you did not dispose of your principal residence (last tax year). I thought that DISPOSE OF =SELL IT, for example, you have two locations' houses, one is your principal residence, you sole this principal house out , and now you could set second house as your principal residence, what CRA is going to do with this change? thank you for your answer.
- CarVolunteerLv 64 years ago
You sold your your principal residence. You now have a new principal residence, just like almost anyone who sold their principal residence. The only thing unusual is that you owned your new one before it was your principal residence, but no one cares about that at this point.
"Dispose of" could mean you sold it, or gave it away, or it was foreclosed. The key is that you ceased to own it.
- Anonymous4 years ago