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Returning Member
posted Mar 29, 2025 8:47:45 AM

Principal residence

Hello I have a question concerning a change of principal residence. I have bought and designated my principal residence in Victoria BC. I also still own my old principal residence in Ontario. Do I need to mark that I "sold" or disposed of my old Ontario residence at fair market evaluated value?

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4 Replies
Moderator
Mar 30, 2025 1:13:25 PM

Are you renting out the property in Ontario?

 

 

 

Returning Member
Mar 30, 2025 1:16:53 PM

No not renting it out, we have used it as summer home in 2024 and this year. Will be trying to sell it this year or next.

Moderator
Apr 2, 2025 6:44:26 AM

@Dawburg You will report it the year you will sell it.

Returning Member
Apr 2, 2025 8:14:41 AM

Thank you so much for answering my question