What is a principal residence?

Your principal residence can be any of the following types of housing units:

  • a house
  • a cottage
  • a condominium
  • an apartment in an apartment building
  • an apartment in a duplex
  • a trailer, mobile home, or houseboat

A property has to qualify to be a principal residence.


If you filed a capital gains election on your principal residence, you will need the figures from your Form T664 or T664 (Seniors), Election to Report a Capital Gain on Property Owned at the End of February 22, 1994, to calculate your reduction.

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