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.
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