Ms. Jennie Smith owns a house in Ottawa. She purchased the house in 2004 for $110,000. In June 2019, she sold the house for $235,000 and designated the house as a principal residence for 3 years. Determine the minimum taxable capital gain that she must report on the 2019 sale of the house, after considering the principal residence exemption.

Answer rating: 100% (QA)

Principal residence exemption is allowed in canada if an assessee use his residence at lease two ... View the full answer