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

SOLVEDby TurboTax73Updated 3 weeks ago

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).

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