Gains on sale of principal residence: New reporting requirements


October 3, 2016, the Government of Canada announced an administrative change reporting requirements for the sale of a principal residence.


Starting with the 2016 tax year when you sell your principal residence or when you are considered to have sold it, you will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on your income tax and benefit return when you sell your principal residence to claim the full principal residence exemption. Previously you did not have to report the sale on your income tax and benefit return and you did not have to pay tax on any gain from the sale due to the ability to claim the full income tax exemption (principal residence exemption)


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