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Reporting The Sale Of Your Principal Residence for Individuals CRA

On October 3, 2016 the Government of Canada announced an administrative change to Canada Revenue Agency’s reporting requirements for the sale of a Principal Residence.

 

When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return and you do not have to pay tax on any gain from the sale. This is the case if you are eligible for the full income tax exemption (principal residence exemption) because the property was your principal residence for every year you owned it.

 

Staring with the 2016 tax year, generally due by late April 2017, you will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on your income tax and benefit return when you sell your principal residence to claim the full principal residence exemption.

 

For full details visit Canada Revenue Agency:
Reporting The Sale of Your Principal Residence for Individuals (other than trusts)

 
T2091(IND) Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust)

 

 

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