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hallmark49
New Member

Do i have to claim that i sold my house where i was living

 
1 Reply
pinklady3245
Level 6

Do i have to claim that i sold my house where i was living

Yes. As per CRA, Starting with the 2016 tax year, individuals who sell their principal residence will have to report the sale on Schedule 3, Capital Gains of the T1 Income Tax and Benefit Return. Reporting will be required for sales that occur on or after January 1, 2016.

 

NOTE: If your home is and has been your principal residence when you sell it, you don’t have to pay any capital gains tax. This is due to the Principal Residence Exemption.

 

To report you Capital Gains/Losses, please see the following link:

 

For more information, please see:

 

If you need extra help, you may contact a Tax Expert here. Available from Monday through Friday (May 1, 2021 through the remainder of the year): 9:00am to 6:00pm EST (for English support), and 9:00am to 6:00pm (for French support).

 

Thank you for choosing TurboTax. If you have further questions, please feel free to contact us

 

 

 

 

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