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CNIL and Capital Gains for primary residence


JPaul404
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I used to auto-fill option to populate my return with the CRA info

I noticed that for some reason, I now have a CNIL income of $3100.  I have never had CNIL in my life before.  Any idea where this comes from?

Also, I sold my primary residence this year, and I am now being asked to fill out a form for capital gains for personal use property.  This form is asking me for all sorts of information that I have no idea where to source. I thought there was no capital gains tax on primary residence sales? Why do I need to fill out all this crap?

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Since 2016, the CRA requires you to declare and designate any principal residence sale on form T2091 (and TP274 if you live in Quebec). If this is the only property you own, only three numbers are required: date of acquisition, date of sale and proceeds of disposition, and no capital gains will be reported on your income tax return.


If you own multiple personal use properties, you can designate one of them per year as a principal residence; the T2091 form will then apply the following fiscal rule: (years of designation + 1)/(years of ownership) = exempted capital gains, and you will be taxed on the difference between total selling price and the exempted CG. Form T2091 is accessed through the Interview, Capital Gains, Personal Use dialogue. Then click on designation.

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  • 3 weeks later...

@JPaul404 

Agree with clw above. 1. it is the law to declare (report on T1) the sale of your principle residence. 2. you only need those 3 pieces of info. 

@clw can you confirm if , under the Capital gains and ABIL, + (add) the "Real estate, depreciable property, and other properties" form or the "Personal use property (Including the principal residence)" form? 

Also JPaul, clw is correct in that a principle residence is exempt from capital gains, so if that piece is completed correctly there should not be any. Check through your return to see if anything else is contributing to it. 

Carolyn

 

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