New Rules from CRA about reporting the sale of your principal residence

Why you have to report the sale
For the sale of a principal residence in 2016 and subsequent years, we will only allow the principal residence exemption if you report the disposition and designation of your principal residence on your income tax return. If you forget to make this designation in the year of the disposition, it is very important to ask us to amend your income tax return for that year. Under proposed changes, we will be able to accept a late designation in certain circumstances, but a penalty may apply.

If you have any questions regarding this new CRA information please don’t hesitate to give me a call 604-590-4888.