Disposing of Your Principle Residence

When you sell your home or when you are considered to have sold it, you usually do not have to report the sale on your income tax and benefit return, meaning that you do no have to pay tax on any gain from the sale. This is the case if the home was your principal residence for every year you owned it. If your home was not your principal residence for every year that you owned it, you have to report the part of the capital gain on the property that relates to the years for which you did not designated the property as your principal residence. To do this, complete From T2091(IND). - the above information from Tax Guide-Capital Gain

Author: Ann Guo