Capital gains tax upon selling a property

[Paul Yun]

Hi all,

How does capital gains tax apply when selling a property that was your principal residence for only a portion of ownership period? I've been doing some research on this, but wanted to make sure that I've got it right. 

Can you claim tax free for the percentage of time that the property was your principal residence? For example, if you lived there for 2 years out of a 10 year ownership and capital gain at 10 years is $100K, can you claim $20K tax free?

[Chris Habets]

Originally posted by @Ned Carey:

@Chris Habets , @Paul Yun It would help if the Original Poster mentioned being in Canada or at least it was on his profile. 

For sure, but it is posted in the forum "Real Estate in Canada"