I am entering a sale of my principal residence for the first time, do I deduct the realtor commission etc. from final proceeds?

[ayseleren18]

Yes, you can deduct commission costs from your proceeds.

As per CRA, to calculate any capital gain or loss, you need to know the following 3 amounts:

• the proceeds of disposition
• the adjusted cost base (ACB)
• the outlays and expenses incurred to sell your property

To calculate your capital gain or loss, subtract the total of your property's ACB, and any outlays and expenses incurred to sell your property, from the proceeds of disposition.

Please visit our TurboTax article on How to Calculate a Capital Gain or Loss to learn more about how to calculate capital gains and losses.