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Home Sales Included in 2016 Tax Filings

Friday, 7 April 2017 06:41

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As Canadians scramble to get their taxes together, homeowners must remember new changes regarding house sales.

People who sold their homes over the last year should double check their tax returns.

Some new changes will be effecting Canadians according to Senior Vice President with BDO Canada Mike Braga.

"So there's new reporting requirements from the Canadian Revenue Agency for the sales of any principal residence. So if you sold your home after January 1st 2016 you need to report that on your tax returns."

This change only applies to principal residences accord to Braga.

"So its for your principal residence which can include a cottage, it can include your home as long as it was the primary place you were living throughout the last year."

When filling out the forms, homeowners will need to know the original date of purchase, the day the home sold, and the proceeds from the sale.

Failing to report the sale could mean a financial penalty of up to $8,000

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