I have a quick question about the principal residence exemption and new reporting requirements as of the 2016 year.
For the past 4 years, I have worked and lived in the NWT and have made my income tax declaration in that jurisdiction. My wife worked in Alberta and lived in a condo legally registered under my name only. We were only separated physically for work reasons, but not "separated" in the sense that we are are very much married and otherwise consider ourselves a couple, if this makes a difference.
In 2016, I sold my Alberta condo and I reported the basic information (date of acquisition, proceeds of disposition and description of the property) on my income tax and benefit return and claimed the full principal residence exemption.
Was I correct in doing this? Thanks for any recommendation.