“The Canada Revenue Agency is getting tough with people who fail to comply with new rules requiring the routine sale of a home to be reported, even when there’s zero tax owing.” As of 2016 you must report the sale of a prime residence or you could be fined $8,000. If you forget to report the sale of a principal residence, you’ll need to revise your tax return for that year promptly. Also, as of 2017 you are required to fill out a form called a T2091, which declares your home as a prime residence or you could be fined $2,500. You could be reassessed at any time dating years back and late reports may also be penalized financially. #oakvillerealestate
