Asked
Just checking a rumour I heard!! Have the government come up with a new rule that even if it's your principal residence - if you make more than $500,000 profit from buying price to selling price you now get taxed? If so how much tax would you be charged Thank you
Clint’s answer
There is not a new rule, but there is a change to capital gains tax. Although the capital gains inclusion rate has gone up some starting this year, your principal residence is not subject to capital gains tax at this juncture
Update, October 2026: the proposed increase to the capital gains inclusion rate was cancelled in 2025 and never took effect. The principal residence exemption is unchanged.
From Ask Clint: real questions from a Canadian public finance forum, answered by Clint Cole. Names are changed. This is general information, not advice for your situation, and rules and dollar figures may have changed since Clint answered. Terms