In 2023, Lo sold his chalet on Lac des Deux Montagnes for $134,000 in cash. He acquired this chalet in 2013 for $79,000. Lo spent at least one month a year in this chalet. He wonders if this cottage should be designated as a primary residence and if so, for what years. He also informs you that he bought the house he lives in in 2015 for $350,000 and that his house is currently worth $620,000.

Determine, with supporting calculations, whether Lo should designate his chalet as his principal residence. If yes, indicate for which years.

Answer rating: 100% (QA)

To determine whether Lo should designate his chalet as his principal residence and for which years we need to consider the rules and criteria set by t... View the full answer