Earning Rental Income

If you rent out your family home, whether partially or in full, there are circumstances where you may not receive the full Main Residence Exemption from Capital Gains Tax when the house is sold. There are interpretations of Capital Gains Tax that do reduce the overall tax outcomes.

It is important that all dates and expenses of the property including purchase outlays, are kept with primary documentation. 

Importantly, discuss the specifics of your situation with your tax professional - preferably before any change of use is made.