Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p12
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 12/17)
Character Range: 262136–264770

for 4 years (again renting it out), at the end of which you sell the house.

 You have not treated any other dwelling as your main residence during your absences.

 You may choose to continue to treat the house as your main residence during both absences because each absence is less than 6 years.

 You can make this choice when preparing your income tax return for the income year in which you sold the house.

118‑150  If you build, repair or renovate a dwelling

 (1) This section applies to land in which you have an *ownership interest (except a life interest) if you build a *dwelling on the land, or repair, renovate or finish building a dwelling on the land.

 (2) You can choose to apply this Subdivision as if the *dwelling that you are building, repairing or renovating on the land were your main residence from the time you *acquired the *ownership interest.

 (3) You can make the choice only if:

 (a) a *dwelling on the land that you construct, repair or renovate becomes your main residence as soon as practicable after the work is finished; and

 (b) it continues to be your main residence for at least 3 months.

 (4) There is a time limit during which the choice can operate. This is the shorter of:

 (a) 4 years before the *dwelling becomes your main residence; or

 (b) the period starting when you *acquired your *ownership interest in the land and ending when the dwelling becomes your main residence.

 (5) If there was already a *dwelling on the land when you *acquired your *ownership interest and you or someone else occupied it after that time, the period in subsection (2) and paragraph (4)(b) starts when the dwelling ceased to be occupied so that it could be repaired or renovated.

 (6) Once you make the choice, no other *dwelling can be treated as your main residence during the period referred to in subsection (4), except if section 118‑140 (about changing main residences) applies.

118‑155  Where individual referred to in section 118‑150 dies

 (1) This section applies if the individual referred to in subsection 118‑150(1) dies:

 (a) after the work began, or the individual entered into a contract for it to be done, but before it was finished; or

 (b) after the work was finished but before it was practicable for the *dwelling to become the individual's main residence; or

 (c) during the period of 3 months referred to in paragraph 118‑150(3)(b).

 (2) If the individual owned the interest in the land as a joint tenant, the surviving joint tenant or, if none, the trustee of the individual's estate, can choose to apply this Subdivision as if the *dwelling were