Why do I have to report the sale of my principal r... - Community

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
EnglishEN

Pick a language

Français English
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Intuit
,Created with Sketch.51 helpful votes

Why do I have to report the sale of my principal residence?

As of tax year 2016, Canada Revenue Agency (CRA) requires that individuals report the sale of their principal residence to improve compliance and administration of the tax system.

If the property was your principal residence for all the years that you owned it, you don’t have to pay tax on your capital gains. The principal residence exemption rule has not changed from prior years. Only the requirement to report the sale is new.

When you’re completing your return, you’ll need to enter some information about the sale (such as the year you acquired the property and your proceeds of disposition).

Related links:

Was this helpful?

You must sign in to vote, reply, or post
Intuit TurboTax - Finish filing and get your maximum refund, guaranteed.

Returning? Sign in