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. Read more. 

Contact me at 416.846.0835 or email at info@fintactics.com to discuss.

Canada child benefit The CCB will be a tax-free monthly payment based on family income.If you now receive the UCCB or the CCTB or both, you do not need to apply for the new CCB. However, you and your spouse or common-law partner, if applicable, must file a 2015 income tax and benefit return, even if you don’t have income, so the CRA can calculate your payment. The CRA will issue the last regular UCCB and CCTB payments on June 20, 2016. The CRA will issue the first CCB payment on July 20, 2016. If the CRA currently deposits your payments into your bank account, this will continue.

To Calculate your CCB, please visit http://www.cra-arc.gc.ca/bnfts/clcltr/cfbc-eng.html

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