Canada Revenue Agency and Capital gains

[pincivma]

Hi There
This question is one for an accountant. My cousin is living in a rented condo in Ontario. He does not own the condo. However, he owns a home in the United states. He does not rent the home in the US but goes there 3 months out of the year. When he sells his home in the US, does he still have to pay capital gains to the CRA? Does his home in the US become his principal residence, since he does not own a home in Ontario, Canada? I tried searching the internet for him, since he does not own a computer but I could not find the answer that I'm looking for. Does anyone out there know the answer??

[kwoldtimer]

Your cousin should speak to a tax accountant in Canada and in the USA. The answers are not difficult, but the advice should come from an expert.

[pincivma]

OK, I just thought that someone had a similar experience and would share his or her views

[geotag277]

Your cousin would have to declare the property his principal residence, but it should qualify.

That said, the most amazing thing about all this is that your cousin doesn't own a computer in 2017, yet owns a vacation house in the United States that he can afford to only use 3 months a year and keep unrented the rest of the time.

[pincivma]

Hi geotag277

Thanks for the information and the link. You are right. It is weird that my cousin does not own a computer in this day and age. The condo in the US was owned by his parents and was passed on to him when they passed. He is now in his late 70's. He sold his home in Canada around 10 years ago and is now renting. He never got interested in computers and relies on me or his other cousins. He is old school. He caries cash instead of a debit card. He does not even have a credit card.