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Many Canadians are aware of the principal residence exemption (PRE), which shelters income tax on the capital gain when a property is sold or deemed sold. Each family unit (generally, a Canadian taxpayer, along with a spouse or common law partner and any unmarried children under age 18) can designate one property as its principal residence for each tax year owned, provided the property is ordinarily inhabited by the taxpayer (or spouse/partner or former spouse/partner or child). Key is that the home is for personal use, and generally not to earn income.