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Property tax deductions and CGT implications?

Posted 17 November 2013

If Property A was purchased in 2000 and used as primary residence up until 2012, then rented out for a year (due to work relocation to another province) and property then sold with a capital gain?

If property A above was re-bonded[currently settled], can the bond interest be deducted against its rental income or will bond finance interest on a 2nd property, to be used as primary residence, be allowed to be deducted against Property A's rental income?

TaxTim TaxTim says:
18 November 2013 at 16:38

You would need to apportion the primary residence exclusion in the ration of 12/13. Bond interest can only be deducted against the income it is used to generate.

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