I am a non-resident in Canada for tax purposes and live and work in the U.S. I have a property in Canada as well generating rental income. I want to sell this property in the next couple of years and I am aware that selling a property as a non-resident has tax implications.
In order to minimize my tax obligations, is it possible to:
a) File taxes to the CRA for the year I want to sell the property so I am a "resident" for that year.
b) Designate the property as my principal residence so upon selling, I am not obligated to pay tax on the sale.
Thanks in advance.
Selling property in Canada as a non-resident
Moderator: Mark T Serbinski CA CPA