Starting with the 2016 tax year and future years (now 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 and you will not have to pay tax on any gain from the sale. This will be 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..