How long do you have to live in a home for tax free in

My question is: Canadian-specific
QUESTION: I recntly puchased and live in a condo.  I have
only been in here for a month and a half.  If I sale
and make a  gain, do I have to pay capital gains
tax.  How long to I have to reside before I do not
have to pay the taxes
david ingram replies:
No time to answer this specifically so am answering it with an old reply.
My question is: Canadian-specific
QUESTION: If I bought and moved into a house and decide 6 months later that
I don't like it and sell that house to move elsewhere do I attract capital
gains on the sale of my home?
david ingram replies:
And how high is up?
If you bought a house to resell any profit is taxable at ordinary income
rates unless you can get it into another category.
If you bought a house or cabin to rent or use as a second home and decide
ten years later to sell it for some reason or other, it is likely a capital
If you buy a house and decide to sell it in six months, you can expect that
the CRA "might" try and tax you at full rates unless you can show that the
house was truly your principal residence and that you sold it for reasons
other than making a profit.
reasons might be:
1.    You lost your job
2.    The school your child goes to is just not any good
3.    You cannot stand your neighbour
4.    You get divorced
5.    you are transferred to another city
6.    You are pregnant and need a bigger house
7.    My favourite was a couple who ended up in a battle with organized
druggies and sold out in fear of their lives.
However, if you bought a fixer upper and fix it up and sell it and buy
another fixer upper around the corner and your kids keep on going to the
same school and you shop at the same stores and catch the same bus, etc.,
you will be paying straight tax.
The US is different.  In Canada it is "all" tax free as a principal
residence or taxable. In the USA, you have to have lived in the home for 2
out of the last five years to claim up to $250,000 tax free per person.  If
you sell before the 24 months is up for a good reason - death of a spouse
job transfer, job loss, etc. - then you can prorate the $250,000 by
multiplying $250,000 by the number of months you were in it divided by 24
(12 months would be $125,000 for instance).
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Disclaimer:  This question has been answered
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