Earlier this month Finance Minister Bill Morneau introduced tax changes that will impact every homeowner and taxpayer in Canada. Instead of focusing their efforts on specific buyers, the feds chose to close current tax loopholes that directly apply to real estate earnings. In particular, the newly announced rules will tighten and enforce the requirements necessary for claiming the capital gains tax exemption on a principal residence. To help you understand how this impacts you, we’ve answered eight questions about the principal residence exemption and the new rules.

http://www.moneysense.ca/spend/real-estate/8-questions-about-the-principal-residence-tax-rules/