After over twenty years working as a CPA, CGA in the community of Delta, what I treasure the most are the people I meet and work with and the relationships I continually build.
Proudly serving Delta for 20 years
Home»News»
Reporting the sale of a principal residence
Usually you do not have to report the sale of your principal residence on your income tax return and you do not have to pay tax on any gain from the sale. This is the case if you are eligilble for the full income tax exemption (principal residence exemption) because the property was your principal residence for every year your owned it.
Starting in the 2016 tax year you will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on your income tax return when you sell your principal residence to claim the full principal residence exemption.
To find out more about reporting the sale of a principal residence on your income tax return click here.