Did you sell your principal residence in 2020? You can designate a house, cottage, condo, apartment, duplex, trailer, mobile home, or houseboat as your principal residence if you own the property and you, your spouse, or any of your children lived in it at some time during the year.
When you sell your principal residence, you are exempt from paying tax on any capital gains that arise from the disposition. However, starting with the 2016 tax year, individuals who sell their principal residence need to report the sale on their personal taxes.
You will need to report your original purchase price, the sale price, and how many years you resided at the property. The CRA requires this information to ensure tax compliance. Learn more here: