News

CRA New Requirement

The Government announced an administrative change to Canada Revenue Agency reporting requirements for the Sale of Principal Residence.  This requirement is effective on homes sold in 2016 and forward.

Apparently there has always been a schedule in the Income Tax return to report when you sold your principal residents but since there is no tax implication it wasn’t enforced and most people don’t even know it existed.  

With this new requirement there is a  Schedule which is a separate document and if not filed there could be a penalty.  Right now there is still no tax implication when selling your Principal Residents so this will be a period for them to collect data only.  There will likely be changes coming in the future and I will keep you informed. 

Here is a link with full details;

http://www.cra-arc.gc.ca/gncy/bdgt/2016/qa11-eng.html

If you have questions, please don’t hesitate to give me a call.