My daughter is closing on a presale Yaletown condominium this summer. She is working until Christmas in Alberta. She returns to Vancouver from Jan to May and if the job becomes a full time position, then she may return to Alberta to live. At the time of presale, February 2004, we thought that the suite would be assigned to her and that she would live in the suite. I was hoping that she could declare the suite as her permanent residence since she is only renting in Alberta and the work is not permanent. In May 2007, she could decide to keep or sell the suite. What does she need to do in order to qualify the suite as her permanent residence? ----------------------------------------- david ingram replies: There is no absolute answer because you can call a toad a frog all day long but it is still a toad. To be a principal residence and tax free for income tax purposes, the property must have been bought by her to live in and she HAS TO move into it. - No exceptions that I know of. You can expect that the CRA will be looking at "every" quick resale in EVERY downtown building. In deciding if it is a capital gain or a flip, the CRA will be looking at the suitability of the unit as a residence, the ability to pay for the unit and past and even future performance. In other words if she claimed this one as a principal residence and then did it again a year later, the CRA would have every right to go back and reclassify the first one. 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