Yes, If you sell a house for more than you paid for it, the profit is called a capital gain. Details of the sale are included in your tax return (Schedule 3) and capital gains tax is usually applied.
But if you sell your principal residence (the home where you and your family live throughout the year), the details of the sale are still included in your tax return but, in most cases, any profit you’ve made is exempt from capital gains tax.
To figure out how much of your profit is subject to capital gains tax, you’ll need to crunch the numbers on Form T2091 (IND) to determine your tax liability.
For more information, please click:
TurboTax Capital Gains and Selling Your Home
Canada Revenue Agency(CRA) Disposing of your principal residence
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