Do I pay tax on the gain when I sell my home in Canada?

The CRA says that if the property was solely your principal residence for every year you owned it, you do not have to pay tax on the gain. You still report the sale on Schedule 3 and Form T2091. A principal residence can be a house, a cottage, a condominium, an apartment, a trailer, a mobile home, or a houseboat. The land is usually limited to half a hectare. For 1982 and later years, a family can designate only one home for each year. A housing unit in Canada that you owned for less than 365 consecutive days can be treated as business income, unless the sale fits a life event the guide lists. This page does not work out your tax.

Continue on CRA · Guide T4037