As a result of breach of a puchaser's obligation to purchase a personal residence, the individual vendor received $50,000 in damages from the defaulted purchaser. Is the $50,000 eligible for the principal residence exemption? CRA responded:
[A]s the right under the [contractual] promise is a property distinct from the personal residence, this right could not qualify as a principal residence and paragraph 40(2)(b) would not apply.