Changes to Principal Residence Reporting Requirements

On October 3, 2016, the Government announced a change to Canada Revenue Agency’s administrative requirements relating to the sale or deemed disposition of a principal residence. Historically, CRA did not require the disposition or deemed disposition of a principal residence to be reported if the property qualified as principal residence for all years of ownership and no tax was payable. However, as a result of this very recent change, commencing with the 2016 calendar year, the sale of a principal residence must be reported whether or not any tax may be payable.

Please refer to CRA’s link: for more information on this matter or call our office to discuss.