Starting for the taxation year of 2016, a home sale that took place after January 1, 2016 needs to appear on your income tax return.
This is part of the changes that the Liberal government introduced with the new federal mortgage rules last October.
As per our source, Global News, the changes would not affect your ability to claim the principal residence tax exemption, so if you made a profit selling your home, you don’t have to pay a capital gains tax on it.
However, you need to report the sale of your home beginning this taxation season, in order to be able to claim the exemption.
Ottawa’s 2018 spring market update We wanted to update our clients and readers about the situation of the real estate market in Ottawa because it is VERY COMPETITIVE at this time. The market conditions have changed this year because of low inventory levels...