What are the consequences of incorrect ACB for principal residence? The ACB for the house we sold is 50+ years ago, do I have to go to city hall to get precise amount?

Since this form does not result in any change to taxes owed/due, is my guess close enough or does CRA require precise information?

1159

Level 7

Oct 31, 2019 4:56:31 AM

You should always report accurate amounts. If you owe taxes and is trying to meet the tax deadline, file your taxes now and then you can amend it later.

Level 1

Oct 31, 2019 4:56:33 AM

Thanks for answering but what does it mean to CRA if the amount is off?

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What are the consequences of incorrect ACB for principal residence? The ACB for the house we sold is 50+ years ago, do I have to go to city hall to get precise amount?