New Changes to Income Tax Reporting for the Sale of a Principal Residence about Capital Gains Tax and Related.

Starting with the 2016 tax year, individuals who sell their home (principal residence) will have to report the sale on Schedule 3, Capital Gains of the T1 Income Tax and Benefit Return. Reporting will be required for sales that occur on or after January 1, 2016. 

You will complete Schedule 3 and file it with your T1 Income Tax and Benefit Return for the year you sell the property. If the property was your principal residence for every year that you owned it, you will make the principal residence designation in your Schedule 3. In this case, the year of acquisition, proceeds of disposition and the description of the property are the information that will have to be reported. 

Schedule 3 will be modified accordingly. Form T2091 (or Form T1255) will still be required for the designation in the case the property was not your principal residence for all of the years that you owned it. 

Please note: 

Please contact your taxman or capital gains tax specialist or lawyer if you have any questions about these new changes. 

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(The opinion expressed in this blog are of author’s personal opinions. Reader are encouraged to use their own research and follow their own responsible decisions. Author is not responsible for any use or misuse of the blog info. Author is Realtor and Mortgage Agent and not tax consultant or lawyer. Please use right professional for your specific needs)

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