a_lamonta

Not to be a pain, but while that is accurate for federal purposes, for Quebec purposes, they do require the gain to be declared, even when the principal residence deduction will eliminate the entire gain. I had spoken to them last week and they confirmed that fact. I spoke to them again today since it does not appear that UFile allows for the declaration and TP-274, and concluded with them that the easiest workaround was to file my taxes without the gain, and to file the TP-274 in paper format as an amendment. As long as the amendment is sent prior to April 30, there is no risk of undeclared income penalties. As for interest, the taxable amount is $0, so not-applicable anyways. I might be overly careful on this case, but I prefer to keep it clean, especially since my gain is 100% deductible.

I'm sorry but I'm not sure that applies to me. This is a principal residence. I called both the ARC and the MRQ on the subject, and while the ARC says that the gain on a principal residence does not need to be declared, the MRQ does want it declared. The MRQ is currently entertaining themselves by going after sellers of principal residences, making this important in Quebec. For provincial tax purposes, the Capital gain on the property must be included, and TP-274 must be filed to take the deduction and zero-out the gain. Is this possible with ufile?

The principal residence is for information purposes only for the federal gov. However in Quebec the taxpayer is required to include the capital gain and take the principal residence deduction on a separate line (by filing TP-274). In other words, for Quebec, you have to go through the exercise of +1 -1 =0. Confirmed this info with MRQ. How do we do that in order to eliminate the risk of having unreported income for provincial purposes?