Tagged : canada tax

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Canada revenue agencyAs this year’s tax deadline approaches, recent home sellers should take note of a new rule introduced by Ottawa last year.

Canadians now have to report the sale of their principal residence on their tax return to the Canada Revenue Agency.

The sale is still exempt from the 50% capital gains tax, provided it meets all of the guidelines outlined by the CRA. But while in the past the sale of a principal residence did not need to be flagged, home sellers are now required to provide details of the sale – including the address, the year it was bought and how much it sold for – on their tax return form.

Although the administrative change wasn’t announced until Oct. 3, it applies to all sales that took place in 2016, as well as going forward.

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