By: Dharmendra Dholakiya
Will new principal residence reporting will help CRA home in on flippers ?
Tags: CRA eying on flippers
Reporting the sale of your principal residence for individuals (other than trusts)
On October 3, 2016, the Government announced an administrative change to Canada Revenue Agency's reporting requirements for the sale of a principal residence.
When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return and you do not have to pay tax on any gain from the sale. This is the case if you are eligible for the full income tax exemption (principal residence exemption) because the property was your principal residence for every year you owned it.
Starting with the 2016 tax year, generally due by late April 2017, 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.
If you would like detail report than call me on 416-834-6208 or email on firstname.lastname@example.org
(source: Canada Revenue Agency)