Do you know that you have certain types of benefits when it comes to taxes and property transactions if your home is considered as a ‘Principal Residence in BC’?

Any of the following could be a Principal Residence in BC;

• a house
• a cottage
• a condominium
• an apartment in an apartment building
• an apartment in a duplex
• a trailer, mobile home, or houseboat.

Owning one or many of the above does not make it a principal residence but the following criteria’s is what makes it qualify to be a principal residence.

A property qualifies as your Principal Residence in BC for any year if it meets all of the following four conditions:

• It is a housing unit, a leasehold interest in a housing unit, or a share of the capital stock of a co-operative housing corporation you acquire only to get the right to inhabit a housing unit owned by that corporation
• You own the property alone or jointly with another person
• You, your current or former spouse or common-law partner, or any of your children lived in it at some time during the year
• You designate the property as your principal residence

For the purpose of taxes and other government benefits, you can have only one principal residence. If you own more than one home, you cannot designate which one is your principal residence.

Your principal residence is the usual place that you make your home. It’s where you live and conduct your daily affairs, like pay bills and receive mail. It’s also generally the residence used in your government records for your income tax, medical services plan, driver’s license and vehicle registration.

Have any questions or need assistance regarding principal residency? Contact KC Notary & Co. today to schedule a consultation. Let KC Notary & Co. simplify the process for you, so you can enjoy the exciting moments stress-free!