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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 101438
Experience:  Lawyer
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I divorced 5 years ago, during which my ex kept the house

Customer Question

Hi, I divorced 5 years ago, during which my ex kept the house and I kept the cottage. Recently my new fiance and I bought another house. I'm struggling to keep the cottage and may have to sell it. I was told that if i move into the cottage for a period of no less than 1 year, I can avoid paying Capital Gains if I do have to sell. My Fiance would continue to live in our home we purchased together and I would continue paying my portion as this is also bought for investment purposes. Is this correct?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Ontario, Canada
JA: Has anything been filed or reported?
Customer: ????
JA: What confuses you?
Customer: What would I file or report?
JA: Anything else you want the lawyer to know before I connect you?
Customer: No
Submitted: 5 months ago.
Category: Canada Law
Expert:  Debra replied 5 months ago.

Hello! My name is Debra (formerly known as Legal Ease). Thank you for your question. I'm reviewing it now, and will post back again shortly.

Expert:  Debra replied 5 months ago.

No unfortunately that is not at all correct.

You can only have one principal residence per year and you have to look at each year.

So if you designate the cottage as your principal residence for certain years then you would pay capital gains tax on your home for those years when it is later sold.

Does that clarify the law?

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

Expert:  Debra replied 5 months ago.

Is there anything more I can help you with at this point in time?