“This also a good option if she is attached to her house,” Tatem says. The final — and best — option for Laurie is to sell her house, rent an apartment (up to $2,000 a month) and invest the proceeds. There are a lot of nuances around the principal residence designation, for example, Tatem says. “The principal residence designation shelters capital gains on the sale of your home but the ability to use the principal residence designation can be impacted by the partial or total rental of a principal residence,” she notes. As for how to invest any proceeds from a possible house sale, Tatem recommends Laurie interview a few advisors.

Source: thestar September 25, 2017 10:18 UTC