What Selling Your House Can Mean For Your Next Tax Return

Kimberlee Reimer via Getty Images

The sale is finalized, now there is one last thing to doYou sold your house, you survived the move and your boxes are all unpacked — great job! That can be quite an undertaking, I know. But the work isn’t quite done yet. Recently, the government announced important changes that will add an extra step to selling your home — reporting it.While the changes were mainly targeted at non-residents who invested in Canadian real estate, it could catch many Canadian residents off guard who, in the past, may have missed paying some taxes on their principal residences without even knowing it. If you sold your principal residence in 2016, you now need to report this on the Schedule 3, Capital gains of the T1 Income tax and benefit return. What do I need to report?The new rules require you to report the sale of a …