Reporting the sale of your principal residence for individuals (other than trusts)

Article Source: Canada Revenue Agency: Federal Government Budgets 2016

January 10, 2017

On October 3, 2016, the Government announced an administrative change to Canada Revenue Agency's reporting requirements for the sale of a principal residence.

When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return and you do not have to pay tax on any gain from the sale. This is the case if you are eligible for the full income tax exemption (principal residence exemption) because the property was your principal residence for every year you owned it.

Starting with the 2016 tax year, generally due by late April 2017, you will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on your income tax and benefit return when you sell your principal residence to claim the full principal residence exemption.

For additional information and answers to some FAQs regarding this change visit: CRA: Reporting the sale of your principal residence for individuals

Locations:

Halifax

Suite 204, 620 Nine Mile Drive, Bedford, NS

Chester

4171 Highway 3, Chester NS

Bridgewater

11 Dominion Street, Bridgewater NS

Liverpool

7B Henry Hensey Dr., Liverpool NS

Shelburne

157 Water Street, Shelburne NS

Barrington Passage

3289 Highway 3, Barrington Passage NS