Unlocking the Secrets of Principal Residence Taxation for Property Owners
Delve into the complexities of principal residence taxation with "Mastering Principal Residences." This course navigates the intricate landscape of capital property, examining the doctrine of secondary intention and its implications for house flippers. Explore nuanced topics such as the definition of a housing unit, conditions meeting the ordinarily inhabited rule, and the designation mechanics of a principal residence. From partial dispositions to change-in-use rules, participants will gain expertise in managing properties used for income, multiple housing units, and residences held through trusts. With a focus on real-world scenarios like separation and divorce, this course equips learners with the knowledge to optimize principal residence exemptions within the legal and tax frameworks.Â
Key Topic Discussed:Â
• Doctrine of Secondary Intention for House FlippersÂ
• Definition of Housing Units, Including Trailers and HouseboatsÂ
• Property Ownership, Including Bare TrusteesÂ
• Ordinarily Inhabited Rule and Care FacilitiesÂ
• Principal Residence Designation and Formula MechanicsÂ
• Properties Used to Earn Income and Incidental Income ConceptÂ
• Housing Units on Multiple Properties and Excess of One Half HectareÂ
• Partial Dispositions and Prior SubdivisionsÂ
• Change-in-Use Rules and Elections to AvoidÂ
• Residences Held Through Trusts and Legislative Amendments ImpactÂ
• Separation and Divorce Effects on Principal Residence Exemption
FCPA, FCGA, MBA
Michelle Causton is a member of the Canadian Association of Professional Speakers. She is a past-president of CGA Ontario with extensive governance experience on regulatory and not-for-profit boards. She is a retired professor from Nipissing University and Canadore College. Michelle has delivered workshops, seminars and training sessions across Canada and the Caribbean on a variety of topics. Having worked in public practice for many years, she understands the pressures of accounting and the practical application of rules, regulations and best practices. As a life-long learner herself, Michelle is passionate about how to best share information, knowledge (and occasionally wisdom). Her focus is now on-line learning but she won’t say no to an opportunity to speak in person or virtually. Michelle says: “We all learn best when it is interesting and relevant. Appropriate humour can make lessons memorable".
Author, Speaker, and Composer
Darryl Johnson II is a creative thinker based in sunny Southern California. A prolific content creator, he has published several dozen works for wind band, jazz band, and orchestra and is the author of dozens more print and multimedia publications in both the fiction and non-fiction categories. Along the way, he has delivered academic presentations to hundreds of schools in over 40 states and 3 countries and has received regular laudits for a supportive and relatable approach to education. A composer of music and a composer of words, Darryl Johnson II has developed an insatiable interest in a broad range of concepts and ideas that have been refined by fires of art and strategy and he is passionate about inviting others on new and interesting journeys of thought, experience, and design.
