Canadian Revenue Agency and Your Home
If you have sold a house in 2020, the Canada Revenue Agency (CRA) has some information for you! The global pandemic has also resulted in changes to CRA services. I hope that this information is helpful.
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!
The CRA advises you to amend your tax return as soon as possible for any year in which you forgot to report. They are getting tougher with people when it comes to reporting the routine sale of their home, even when there is zero tax owing. You can click on the flag to be linked to the CRA Real Estate Site.
COVID-19 has impacted our lives in so many ways. There have also been many changes made to how the Canadian Revenue Agency is handling tax filing and benefits. Updates on changes to the Canada Revenue Agency services, due dates and programs affected by the pandemic are available on their website and by contacting your accountant.