Thank you for choosing TurboTax. When you sell your home you do not have to pay tax on any gain from the sale because of the Principal Residence Exemption, and this is the case if the property was solely your principal residence for every year you owned it. If you sell your principal residence and forget to report it to the CRA, they will charge a penalty if they find out first. You can always amend a return to report the sale, which is strongly recommended.
In 2017 and onward, in addition to reporting the sale and designating your principal residence on Schedule 3, you also have to complete Canada Revenue Agency (CRA) Form T2091(IND), Designation of a Property as a Principal Residence by an Individual
More information can be found here:
Selling Your Canadian Principal Residence
Reporting the Sale of Your Principal Residence
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