Late, amended, or revoked elections

The Income Tax Act and its Regulations contain many election provisions that give you the opportunity to decide on an alternative tax treatment in conducting your financial affairs for income tax purposes.

Most election provisions do not:

  • permit you to file an election once the due date for making the election is missed; or
  • give you the ability to modify or cancel an original election that was filed on time.

The topics below provide more information in respect of the Minister's discretion to allow you the benefit of certain elections even though you missed the filing due date, and to permit you to modify or cancel certain elections already filed.

Important Changes

As of January 1, 2016, individual taxpayers must report the sale of a property that was their principal residence for every year they owned it, and make a designation to be eligible for the full principal residence exemption.

If you sold a property in 2016 (or later tax years) that was your principal residence for all the years that you owned it, and did not make a principal residence designation in Schedule 3, Capital Gains (or Losses), with your T1 Income Tax and Benefit Return, the CRA may accept your late-filed designation under the taxpayer relief provisions.

The CRA may also accept late-filed principal residence designation if you sold a property that was not your principal residence for every year it was owned.

For more information on reporting the sale of your principal residence and principal residence designations, see Principal residence and other real estate.

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