This Folio Chapter provides tax professionals and individuals with a technical overview of the Canada Revenue Agency’s application of federal income tax rules related to the disposition of …

Jul 28, 2024 · Effective 2016 and later tax years, the CRA will only allow the principal residence exemption if you report the disposition and designation of your principal residence on your …

Jan 15, 2024 · Form used by individuals to calculate the reduction as a result of the capital gains election. Used in conjunction with T2091 (IND) or T1255.

Dec 31, 2024 · Fill out Part 1 – Principal residence Use this part if you sold your principal residence in 2024 and you are claiming a principal residence exemption.

Apr 29, 2025 · Form used by individuals to designate a property as a principal residence and to calculate the capital gain for the year.

If the real-estate was the principal residence of the person who died, you must report the disposition on Schedule 3, although all or part of any capital gain on the property may be …

The tax implications arising from the use of a principal residence for income-producing purposes are outlined in Income Tax Folio S1-F3-C2, Principal Residence.

The proposed legislative changes will limit the principal residence exemption amount when the taxpayer is a non-resident. Further, trusts will be eligible to designate a property as a principal …

If you sell a house that was solely your principal residence for every year you owned it, you may qualify for the Principal Residence Exemption. This means you will not have to pay tax on the …

However, special rules, referred to as the “principal residence exemption,” may reduce or eliminate your capital gain. If the property was solely your principal residence for every year …