ThereWillBeHappiness
New member
Hello everyone!
Can anyone recommend an accountant who can help me navigate the rules regarding capital gains on a second property?
My ex and I co-own a house (the principal residence) in Ottawa and a cottage. She wants to keep the house as her principal residence and I am thinking of making the cottage my principal residence.
From what I've seen, I'll be responsible for the capital gains on the cottage from the time we first bought it until I make it my principal residence, when I go to sell it.
If I keep part ownership on the house in Ottawa, then I might have to pay capital gains on it later, for the time that it isn't my principal residence. That and other questions, I want to make sure that I'm structuring things properly.
Can anyone recommend an accountant who can help me navigate the rules regarding capital gains on a second property?
My ex and I co-own a house (the principal residence) in Ottawa and a cottage. She wants to keep the house as her principal residence and I am thinking of making the cottage my principal residence.
From what I've seen, I'll be responsible for the capital gains on the cottage from the time we first bought it until I make it my principal residence, when I go to sell it.
If I keep part ownership on the house in Ottawa, then I might have to pay capital gains on it later, for the time that it isn't my principal residence. That and other questions, I want to make sure that I'm structuring things properly.