Principal Residence Sale

If you sold any of your Principal Residence in the year 2016, you need to report the same on the tax return for the year 2016. The Capital Gains arising on the sale of your Principal Residence is of course not taxable but however, a disclosure is required on the Income Tax Return for the year 2016.

If you fail to comply with the new disclosure requirements of Canada Revenue Agency rule there could be a penalty up to $8,000

The rules are not that very simple at times and therefore it is best to see a tax professional in this regards

Disclaimer:

Any discussion on this blog relating to tax matters is purely for educational purposes and not taking any specific actions based the general tax rules described therein. Your tax situation could be different and as a result there may be different tax strategies applicable in your case. We do not claim the tax situations described above to be exhaustive or conclusive. In case of any specific tax situations or problems, you are advised to seek professional advice.