Reporting Sale of Principal Residence

Reporting Sale of Principal Residence

Selling your Principal Residence is easy with Softron

Did you sell your principal residence after January 1st, 2016?

The federal government has changed the laws on reporting the sale of principal residence. It is now mandatory to report the sale of your house.

Failure to do so can attract penalties up to $8000.

The reporting can get even more complicated if the house you sold was not your principal residence for all the years you owned it.

If a sale is not reported as a sale of principal residence, then you may be liable to pay Capital Gains tax on the profit made on the sale.

Ensure the proper reporting is done for the sale of your home.

Visit your nearest Softron location today or call 905-273-4444 to book an appointment.

selling your principal residence? Softron can help

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