In case you have not yet done so, now is a good time to report the sale of your principal residence.

Before 2016, if you sold your property, and it was your principal residence for every year you owned it, you did not have to report the sale to claim the principal residence exemption. Now you do.
Canada Revenue Agency advises you to amend your tax return as soon as possible for any year in which you forgot to report.
CRA is getting tougher with people when it comes to reporting the routine sale of their home, even when there is zero tax owed.

The late filing penalties can be as high as $8,000. However, failure to report can have more serious tax implications. If you have not reported the sale of your property it is suggested that you contact a qualified tax expert.

For more information, have a look at Canada Revenue’s website.

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