And the Government does it again....we now must report the sale of our primary residence!
On October 3rd, 2016, our government announced changes to CRA's reporting requirements for the sale of your principal residence. Previously, you did not have to disclose the sale of your principal residence on your yearly income tax return and you did not have to pay tax on any gain from the sale of it. Starting this year, if you sold in 2016, you will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on your income tax & benefit return. You will be eligible for full income tax exemption if the property was your principal residence for every year you owned it.