https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-bought-a-cottage-first-property-in-2025-but-live-in-an-apartment-is-there-a-downside-to-me/01/3873164#M15584 Mon, 06 Apr 2026 16:17:22 GMT olivia 2026-04-06T16:17:22Z https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-bought-a-cottage-first-property-in-2025-but-live-in-an-apartment-is-there-a-downside-to-me/01/3873164#M15584 Mon, 06 Apr 2026 16:17:22 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/i-bought-a-cottage-first-property-in-2025-but-live-in-an-apartment-is-there-a-downside-to-me/01/3873164#M15584 olivia 2026-04-06T16:17:22Z https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-i-bought-a-cottage-first-property-in-2025-but-live-in-an-apartment-is-there-a-downside-to/01/3873234#M15586 <P>You don't have to report the purchase of a property on you tax return, and you don't declare a property your principal residence until you sell it.&nbsp;</P> <P>&nbsp;</P> <P>This Canada Revenue Agency (CRA) page has more information on Principal residence: <A href="https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/principal-residence-other-real-estate.html" target="_blank">https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/principal-residence-other-real-estate.html</A></P> <P>&nbsp;</P> <P><IMG src="https://lithium-response-prod.s3.us-west-2.amazonaws.com/turbotax.response.lithium.com/RESPONSEIMAGE/b093eaec-2bf6-45b1-9618-0399c1e55966.default.png" /></P> Mon, 06 Apr 2026 16:50:44 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/re-i-bought-a-cottage-first-property-in-2025-but-live-in-an-apartment-is-there-a-downside-to/01/3873234#M15586 TurboTax_Susan 2026-04-06T16:50:44Z