![]() ![]() ![]() What has changed is that now the details of the sale must be reported. If your home was your principal residence the entire time you owned it, any profit you make from the sale is still exempt from capital gains. The exemption rules surrounding the sale of your principal residence haven’t changed. For the 2017 tax year and beyond, you will also need to submit form T2091 (IND). Even if you’ve never earned income from your home, you now must report the details of the sale on Schedule 3 of your return. ![]() For the tax year 2016, this is no longer the case. as a rental unit), the specifics of the sale were not sent to Canada Revenue Agency (CRA). Generally speaking, unless your home was used to generate income (ex. Prior to 2016, the sale of your principal residence wasn’t usually reported on your income tax return. ![]()
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