Did You Sell Your Home In 2016? Let The CRA Know Or Else…

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If you sold your home in 2016, you need to let the taxman know as failing to do so could cost you up to $8,000 in penalties.

You heard that right. Canadians didn’t used to have to report the sale of the home that was their primary residence, but the Liberal government changed that when it introduced new federal mortgage rules last October.

Starting this tax-filing season, a home sale that took place after January 1, 2016 needs to appear on your income tax return. Here’s what you need to know.