As per our TurboTax article: Changing Your Principal Residence In Canada, if you sell property for more than you paid for it, your profit is usually subject to capital gains tax. Your PR, however, is usually exempt from capital gains rules. If you’ve made a tidy profit from the sale of your PR, all you’ll need to do is report the sale details on your tax return. As long as your home was your principal residence for the entire time you owned it, your profit will not be taxed.
All the information the Canada Revenue Agency (CRA) requires is in the return's questions as required.
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Hi there,
Thank you for the reply - but it still did not answer my question about what to put where.
There is no combination of numbers that I can enter, which will correctly display the actual proceeds I received for my home sale. For example, if I bought for $311,000.00 and sold it for $288,500.00, but after the outstanding mortgage repayment, realtor fees, lawyer fees, and the amount my ex-husband got, If I only actually received $30,000.00.... there is no way to input that into the software how it's set up.
If I put the amount we sold the house for in the "proceeds of disposition" box, it simply splits it 50/50 and assigns me a $144,250.00 proceed amount. I did not get that much for my house.
Please contact the Canada Revenue Agency(CRA) about this as they can inform you better about their information needed and how it is calculated according to their request. They can be reached by calling 1-800-959-8281.
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