Are you an Ottawa homeowner or real estate investor curious about how the Principal Residence Exemption can impact your tax obligations? Understanding this powerful tax benefit is essential for anyone looking to maximize returns and minimize liabilities when selling their property. In this article, you’ll discover what qualifies as a principal residence, how the exemption works, and the latest updates from the Canada Revenue Agency that could affect your financial planning. Whether you’re planning to sell your home or simply want to ensure compliance, this guide will provide you with clear, expert insights tailored to the Ottawa real estate market.