Primary address

[Baggsy]

Don't you file one of them as your primary residence with your taxes?

 

[Rob MacLennan]

I should have been a little clearer about my parents place. Both properties are in my name. If I spend 6 months at my cottage and 6 months in my "city home", which is primary? I don't care to convince the JP or whatnot to avoid paying any penalty. That's not the spirit that I'm going for. I'm simply looking at it from an angle, where you own multiple properties across the city that you reside in from time to time.

If I can be reached at in the address that's on file, then what is the issue?

If both properties are in your name then, as for your Federal and Provincial taxes, there is no issue with making either your Primary Residence.

 

[xfactor]

If both properties are in your name then, as for your Federal and Provincial taxes, there is no issue with making either your Primary Residence.

I See. Thanks Rob.

 

[griff2]

Don't you file one of them as your primary residence with your taxes?

It comes down to capital gains tax arising from proceeds on disposal of property. You do not pay capital gains tax when you dispose of a property that has always served as your principle residence.

It changes when you have more than one home. Capital gains reporting requires you to designate the years of ownership in which a home was your principle residence. According to federal tax rules, you can have only one principle residence at a time, though you can in theory claim two principle residences (overlap) in one year if you are disposing of one of them in that year.

 

[empty]

Would the taxman compare notes with the MTO when you sell your property and claim it as tax free principle residence?
And OP's condo is technically an investment property since he does live there?

 

[Dilligaf0220]

Does anyone have an idea if there are explicit wording to the primary address on the Ontario license. For those of us who may have two different "homes" in the sense during uni, I had a waterloo rental and my parent's address in Markham. So obviously I didn't change it. Now, I'm all over the world most of the year and when I am in Toronto I have a rental in downtown, but my mailing address is still my parents. So, is there a reason for me to change my address to the rental as long as they can still mail me and get in contact with my at the provided address in the license?

This is not an academic question, I got stopped few days ago (nothing big) and asked where I was coming from and told him my home (maybe mistake) to which he asked me where and it didn't match the address on the license. I told him that I have two homes and the "primary" according to my is still my parents as my rental is temporary. He gave me a ticket for not changing the address and told me to change it and go to court to get it dropped. Not really a big deal but I really don't see why I should as long as I can still be contacted and reached at the provided address. Any help or clarification is welcome.
thanks,
-x

How long have you been renting, and how long are your stays in one stretch if you're travelling a lot?
Meh or just tell the JP or Crown that your licensed address has a higher ins rate than your rental. They won't know or check.
Was your last tax return using your parents address? If so bring a copy to court as evidence that it is indeed your primary address.

The cop gave the ticket, because you said you live in the rental and not at your parents....

No, the swine gave him a ticket because of quota's. And as a unionized gov't employee he would be ****** if he wasted 20mins of actual "work" without coming away with anything. Besides, bikes are evil and should all be ticketed for something.

Would the taxman compare notes with the MTO when you sell your property and claim it as tax free principle residence?
And OP's condo is technically an investment property since he does live there?

Nope.
And how can it be an investment property he's living in to get around capital gains when he's renting it?