Report the Sale of Your Principal Residence
If you sell your home, it will need to be reported on your personal income tax return.
CRA will charge a penalty of $100 per month
to a maximum of $8,000, if not reported
In the past, you were not required to report anything if you sold a home that was designated as your principal residence and the gain was fully exempt. Although the gain is still exempt from tax, CRA has changed its policy. This means that if you sell your home, it now needs to be reported on Schedule 3 of you 2017 personal income tax return.
The following information must be reported:
• Year of acquisition
• Description of the property
• Original purchase price
• Sale price (proceeds)
• Costs associated with the sale