Quote Originally Posted by Brovendell View Post
Call me dumb but what is the exact definition of "Family home'?
Can a de facto partner have a family home? Can I have a family home also?. Can a family trust have a family home also?.
Family Home would be simply "Primary Residence" - that's the term the Cdn Income Tax Act defines. You can NOT have more than 1 primary residence. The common sense "reasonable person test" applies. Such as a married couple is expected to be living in ONE place together. A "reasonable person" would not choose to live in SEPARATE houses where each partner has their own home in their name. This has been tried many times in Canada for the sake of avoiding capital gains tax but with mandatory tax filing, the CRA computers use AI to match tax returns to the land information data base. If IRD has any inclination to be smart about implementing new taxation like CGT, they better do a good job copying the wording of the tax acts in places like Canada.

As for the previous recent replies about setting a "Valuation Date", I don't think it's a problem at all. Sure there will be some that may disagree with valuations but as far as CGT goes, in 5 or 10 years time these valuations will be reset by actual "Cost Base" figures (simply the figure that the price of the house was traded at). You will find those that want to pay less CGT would want to have the highest valuation as possible. While those that own their primary residence, would prefer to have the lowest valuation as to minimise the amount of rates / property taxes to pay.