Principal Residence Exemption
–
Maximize tax-free gains and make the right property choices.

Michael Cadesky and Hugh Woolley explain how to apply the Principal Residence Exemption with confidence — covering qualification rules, property designations, and change of use elections to help you deliver accurate, effective tax planning.

Get Access | $150
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On-Demand
On-Demand

2 Hours CPD
2 Hours CPD

Included in Archive
Included in Archive

Course Overview

This course gives you in-depth insights on how to navigate the Principal Residence Exemption rules, ensuring your property tax planning is accurate and effective. Learn how to determine property qualification, designate properties for maximum benefit, and implement critical elections for change of use situations. By mastering these skills, you will enhance your ability to preserve tax-free gains on property sales, leading to significant tax savings and better financial outcomes.
Learning Objectives
1
Understand the fundamental requirements of the Principal Residence Exemption and how to properly claim it
2
Navigate the rules surrounding property qualification, including capital property requirements and the new flipped property rule
3
Calculate the exemption using practical examples and strategic designation approaches for multiple properties
4
Implement effective tax planning strategies for change of use situations, foreign properties, and trust ownership

Seminar Snapshot

Date Recorded
February 26, 2024
Presentation
■ Yes
Slides
■ Yes
Detailed Notes
■ Yes
Technical Corner
■ NO
Teach Test
■ No
Resources
■ Yes
Included in Archive
■ No

PRINCIPAL RESIDENCE EXEMPTION

Duration
2 hours + Optional Q&A Recording
CPD CPD Certificate
Category
Individual Tax
Understand the complexities of Principal Residence Exemption rules to provide accurate tax planning for your clients. This comprehensive program equips you with the knowledge to navigate property qualifications, strategic designations, and critical elections that can result in significant tax savings on property dispositions.
After completing this program, you will be confident with:
  • Evaluating properties for principal residence qualification and ordinarily inhabited requirements
  • Strategically designating properties when multiple residences are owned
  • Navigating land size restrictions and excess land considerations
  • Implementing proper elections for rental conversion and change of use scenarios
  • Calculating exemption benefits and optimizing claims for maximum tax savings
This course is essential if you are responsible for:
  • Managing tax planning for property owners or real estate transactions
  • Ensuring accurate principal residence exemption claims
  • Advising clients with multiple properties or foreign real estate
  • Optimizing tax outcomes for property sales and transfers
  • Meeting tax compliance requirements while minimizing tax on property dispositions

Meet Your Presenters

Michael Cadesky

Michael Cadesky

FCPA, FCA, FTIHK, CTA, TEP (EMERITUS)

Michael Cadesky is the managing partner at Cadesky Tax and a committed contributor to the tax and accounting professions since 1980, earning the title of Fellow from CPA Ontario. He is a past governor of the Canadian Tax Foundation, past chair of STEP Canada and STEP Worldwide, and past chair of the CPA Canada Tax Committee for Small and Medium-Sized Enterprises. Michael is also the co-author of 11 books on tax subjects and the author or co-author of numerous papers and articles on Canadian and international taxation.

Hugh Woolley

Hugh Woolley

CPA, CA, TEP

Hugh Woolley is an independent tax consultant who has taught income tax for over 30 years for a number of different professional organizations. Hugh has written courses for CPA Canada and over 10 papers for the B.C. Tax Conference as well as papers for the CTF's National Tax Conference and STEP Canada's National Conference. From 1990–1992 he worked at the CRA's Rulings Directorate in Ottawa writing "butterfly" tax rulings. Hugh is a past Governor of the Canadian Tax Foundation.
Frequently Asked Questions
Once you complete your purchase, you will create your account if you haven't already. You can access the course anytime through our platform. All Cadesky Tax Seminars programs come with one-year access.
Yes. This course is eligible for verifiable CPD hours for Canadian CPAs. A downloadable Certificate of Completion will be available once you complete all required modules.
Our programs are designed for CPAs and tax professionals who want to deepen their technical expertise. While no prerequisites are required, a working knowledge of Canadian tax will help you get the most out of the material.
On-demand courses include the full video presentation, downloadable slides, and additional resources mentioned in the Seminar Snapshot (Technical Corner, teach test, checklists).
Yes. You will have unlimited access to the course materials within the 1-year access period, so you can revisit the content anytime to refresh your knowledge.

Trusted by CPAs and Tax Professionals across Canada

This is a first time for me as well. Your firm was recommended to by one of my friends. Great source of information.

Thank you Mike, Hugh and team! I enjoyed the practical and realistic solutions to various tax issues.

Thank you ALL for such high quality courses and answering the questions in detail! So glad I found you guys!

Thank you very much for the seminars. They are very informative and helpful.

Thank you for the wonderful presentation, materials, and handling of queries as always.

This is my first time taking the Cadesky Tax Seminars. I am learning a lot and watching archived courses too. You have done a great job. Thank you so much!

I really enjoy your seminar series. Your presentations are extremely thorough and you explain complex tax issues very clearly.

The presentations are relevant. The material is easy to follow. Worked examples are excellent. It is a great value.

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