Sami Majdalani

Canada couples could designate only one property at a time for the principal residence exemption, making second homes, cottages, or brought-in properties important tax decisions.
A principal residence generally meant a home ordinarily inhabited, and even seasonal properties could qualify, but short-term rental use blocked the exemption.
For properties sold after Early-Q1 2023, owning them under 12 mo generally triggered flipping treatment, making gains fully taxable unless certain life events applied.
Experts said owners could assign the exemption year by year, so many weighed which property likely carried the bigger gain before deciding.
That choice was not purely mathematical; advisers also considered holding period, family legacy goals, future rental plans, and how each property fit broader finances.
A common costly mistake: not reporting a principal residence sale to the tax authority. Even fully exempt gains still required disclosure and designation on returns.
Some owners c

Canada Couples Face PRE Tradeoffs

An official from a global lender said Canada was probably the strongest fiscally in the G-7 as Ottawa prepared a current finances update.
The government estimated a $65.4B deficit for the current fiscal yr, while net debt-to-GDP was projected at 43% in the prior budget.
That debt burden remained far below many G-7 peers, where net debt levels sat near or above 100% of their economies.
The global lender said Canada still had room to spend more on productivity and infrastructure, while keeping a medium-term commitment to low debt.
Domestic critics pushed back after Ottawa dropped a pledge for a falling net debt-to-GDP ratio, though officials still stressed focus on debt discipline.
Canada's federal debt kept its AAA rating, and stronger revised GDP data likely improved fiscal ratios as the global lender saw 2026 growth at 1.5%.