Principal Residence

Have you sold your house in 2016 or are you planning to?

Effective for the 2016 personal tax year and subsequent tax years, the CRA is changing its requirements around reporting your principal residence. Under the old rules, if the property being sold was designated a principal residence for every year of ownership, the sale would not have to be reported on your tax return. The CRA will now require any sale of a principal residence to be reported under Schedule 3 of the seller’s personal income tax return.

If you have any questions or feel that this might impact you feel free to contact us @ 905 764 2555.

#CRA #help #Principal #Tax #wmjtrotter

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