DON’T DOWNSIZE Your Canadian Home Until You Read This — The $150,000 Capital Gains Trap

The principal residence exemption works. That part is true. But if you own a family home and a cottage — or if you've never heard of a T2091 — the decision to downsize could cost your family far more than you planned. In this video I walk through the real math behind the capital gains trap that catches Canadian retirees every year: the one-property-per-family-unit rule that leaves your cottage fully exposed, the OAS recovery tax that arrives nine months after the sale, the deemed disposition your executor faces at death, and the filing requirement that's been mandatory since 2016 and still catches people off guard. Thirty-four years doing personal and corporate tax in Ottawa and Toronto. No clients, no agenda — just the numbers most people never see before they sign. This is general tax education, not advice for your specific situation. For your own numbers, talk to a CPA who works in estate and tax planning.