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New Member
posted May 8, 2021 1:32:53 PM

How do I claim the sale of two homes sold in 2020, one was my principal residence the second was a holiday home for family and friends, never used as rental property?

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Returning Member
Nov 21, 2022 12:35:32 PM

When you sell your principal residence, you may have to report the gain on the sale (actual or deemed) of a home using Form T2091, or complete Form T1255.

If your home was not your principal residence for every year that you owned it, you have to report the part of the capital gain on the property that relates to the years for which you did not designate the property as your principal residence. To do this, complete Form T2091(IND), Designation of a Property as a Principal Residence by an Individual (Other Than a P.... You are also required to complete the applicable sections of Schedule 3 as indicated on page 2 of the schedule.

For more information please see this Canada Revenue Agency link: Report your real estate income

 

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