Service first.
Building and maintaining a relationship of trust
with our clients is paramount.

Blog

Reporting Changes to the Principal Residence Tax Exemption

As tax season approaches, it is important to be aware of the changes made in the 2016 tax year. One of the notable changes implemented by Canada Revenue Agency is that relating to the principal residence tax exemption for gains made on the sale of real estate.

 

Starting with the 2016 tax year, individuals who sell their principal residence will be required to report basic information on their income tax return in order to claim the full principal residence exemption. This change may affect persons who sold their principal residence on or after January 1, 2016.

 

Previously, you did not have to report the sale of your principal residence to claim the exemption. The new rules for claiming the principal residence tax exemption require you to designate the property as your principal residence in your tax return for the year of the sale by filing the appropriate form. Please consult a tax professional in this regard, as this information is not to be construed as accounting or tax advice.

 

For more information, please visit the Canada Revenue Agency’s webpage Reporting the sale of your principal residence for individuals (other than trusts). 

 

at 2:50 PM
RSS icon Facebook icon Twitter icon LinkedIn icon

Contributors

Blog Contributor Portrait
Name: Bella Wright
Posts: 19
Last Post: March 18, 2024
Blog Contributor Portrait
Name: Brooklyn Steuernol
Posts: 6
Last Post: April 21, 2023
Blog Contributor Portrait
Name: Brianne Kostal
Posts: 1
Last Post: August 5, 2019
Blog Contributor Portrait
Name: Lucas Barbosa
Posts: 1
Last Post: July 10, 2019
Robert Lanteigne portrait photo
Name: Robert Lanteigne
Posts: 1
Last Post: November 21, 2016
Laura Tatum portrait photo
Name: Laura Tatum
Posts: 1
Last Post: September 30, 2016

Latest Posts

Show All Recent Posts

Archive

Tags

Awards & Recognition Insights News Family Law International