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Taxing Your Principal Residence in CanadaIf children move into their parent's house while the parents go off to live in a senior facility, the property qualifies as principal residency. If the parent. When you live in a particular home full-time, or at least for most of the year, it is considered your primary residence. For tax purposes, a principal residence is the dwelling that a person inhabits most of the time. It does not matter whether it is a house, apartment.