Hello. My question pertains to capital gains on a primary residence in British Columbia. I am selling a primary residence (a home) that I have lived in for only 3 months. It was a new build. Moved on Sept 30, 2021. The initial value I will estimate at 1,100,000 due to lot purchase was 300k, the cost to build was 800k. Current market evaluation is 1,750,000. Would I be subject to capital gains tax due to the short duration?
When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return and you do not have to pay tax on any gain from the sale.
The housing unit representing the taxpayer’s principal residence generally must be inhabited by the taxpayer or by his or her spouse or common-law partner, former spouse or common-law partner, or child. A taxpayer can designate only one property as his or her principal residence for a particular tax year. There is no mention of time duration.
Primary residence is not required to be reported on your personal income tax return if you have no other home.