Significant Changes to the Principal Residence Rule

On October 3, 2016, Finance Minister Bill Morneau announced a change to the reporting requirement for the sale of a principal residence.

It is well known that a Canadian resident who sold their principal residence with a gain may claim a principal residence (PR) exemption. The CRA has not required you to report the sale of your principal residence if you are eligible for the full principal residence exemption and all of the capital gain was fully exempted from income taxes.

Click here to read Ngoc Day‘s comments that may apply to your situation and may be relevant to discuss with your Advisor for future tax planning.

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