Co-ownership: Are there any tax implications if you sell part of your house to a relative? - MoneySense
When a home is a primary residence, its sale does not trigger a taxable event under the Canada's Revenue Agency’s principal residence exemption. For the home to qualify for the full exemption, you must have lived there for all the tax years that you’ve been the owner, and you must not have used it as an investment property. The First Time Home Buyers’ Tax Credit is a $5,000 non-refundable tax credit. The First time Home Buyer.