While both a primary residence and a vacation home are types of real estate properties, there are some considerable difference between the two that can lead to differences in how you approach the sale of the two when the time comes. Even though they are both forms of real estate, they need to be treated differently within the market since the market for both can be drastically different. From GST on real estate and the Canadian capital gains tax to HST on property taxes, there are a lot of different facets to buying and selling property. When selling a rental property or vacation home, keep these things in mind.
Difference in Taxes
When you sell a primary residence, you are not subject to capital gains due to a principle residence tax
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