Cadesky Tax Seminars

2 Hours Verifiable CPD | Slides with Detailed Notes Included

In this program, you will learn how to:

• Understand the fundamental requirements of the Principal Residence Exemption and how to properly claim it
• Navigate the rules surrounding property qualification, including capital property requirements and the new flipped property rule
• Calculate the exemption using practical examples and strategic designation approaches for multiple properties
• Implement effective tax planning strategies for change of use situations, foreign properties, and trust ownership
• Apply Principal Residence Exemption considerations to maximize tax savings and avoid costly common errors

Many taxpayers struggle with the increasingly complex Principal Residence Exemption rules or incomplete understanding of strategic designation options, which can lead to unnecessary taxes and missed opportunities. Learn how to assess qualification criteria properly, navigate land size restrictions, and implement the correct elections for change of use situations. These skills will help you maximize exemption benefits when dealing with multiple properties, foreign real estate, or trust ownership scenarios.

Principal Residence Exemption Explained By The Experts

Program Length:

2h 04min. Optional recorded Q&A session included.

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. You'll learn how to determine property qualification, strategically designate properties for maximum benefit, and implement critical elections for change of use situations. By mastering these skills, you'll enhance your ability to preserve tax-free gains on property sales, leading to significant tax savings and better financial outcomes.

After completing this program on Principal Residence Exemption, you will be able to assist your clients 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 for you 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

Completing this program earns you a Verifiable CPD Certificate to help you meet your annual and triennial CPD requirements, including the minimum of 10 verifiable hours per year and 60 verifiable hours over a three-year period.

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.

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.