Principal residence and other real estate
On October 3, 2016, the Government announced an administrative change to the Canada Revenue Agency’s reporting requirements for the sale of a principal residence. For more information, go to Reporting the sale of your principal residence for individuals (other than trusts).
- What is a principal residence?
What type of housing unit can a principal residence be? How does a property qualify to be a principal residence?
- Designating a principal residence
When to designate your principal residence. When to use Forms T1255 and T2091.
- Sale of a principal residence
You may have to report the gain on the sale (actual or deemed) of a home using Form T2091, or complete Form T1255. What if you filed Form T664?
- Changes in the use of a principal residence
You may have to report a capital gain if you change your principal residence to a rental or business property, or vice versa.
- Sale of farm property that includes a principal residence
Only part of your capital gain may be taxable.
- Selling a building
Special rules may apply if you sold a building for less than its cost amount and its capital cost.
Forms and publications
- Guide T4002, Business and Professional Income
- Form T2091(IND), Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust)
- T2091(IND)-WS, Principal Residence Worksheet
- Form T1255, Designation of a Property as a Principal Residence by the Legal Representative of a Deceased Individual
- S1-F3-C2, Principal Residence
- TI-001, Sale of a residence by an owner builder
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