I was wondering if anyone could help me with the following as its really hard to find the exact answer to the question as many people have varying different opinions.
I have a property in Vancouver which used to be my primary residence between 2007 - 2012. After losing my job in Vancouver I got an offer for a job in Ottawa. So my family and I relocated to Ottawa. We rented out our house in Vancouver. From 04/2012 - 02/2014 we rented a house in Ottawa then decided to purchase a house. After many years of being away, we are looking to move back to Vancouver and back into our original property sometime next year. Having looked at possible tax implications regarding moving back into my own property I'm really confused regarding the tax laws around capital gains, primary residence exception (PRE), deferring recognition of the resulting capital gain, etc. Therefore I was wondering if anyone is able to provide me with some guidance as what to do?
Has anyone converted their rental back to primary residence?
I have a property in Vancouver which used to be my primary residence between 2007 - 2012. After losing my job in Vancouver I got an offer for a job in Ottawa. So my family and I relocated to Ottawa. We rented out our house in Vancouver. From 04/2012 - 02/2014 we rented a house in Ottawa then decided to purchase a house. After many years of being away, we are looking to move back to Vancouver and back into our original property sometime next year. Having looked at possible tax implications regarding moving back into my own property I'm really confused regarding the tax laws around capital gains, primary residence exception (PRE), deferring recognition of the resulting capital gain, etc. Therefore I was wondering if anyone is able to provide me with some guidance as what to do?
Has anyone converted their rental back to primary residence?