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FredFlint
New Member

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?

2 Replies
TurboTaxJared
Level 7

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?

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.

FredFlint
New Member

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?

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