OTTAWA — When Ottawa unveiled a tightening of mortgage lending rules last fall, it also implemented a small but important change that will affect hundreds of thousands of tax filers this year.
For the first time, Canadians who sold their homes in 2016 will have to report it to the Canada Revenue Agency, even though any gains remain tax-free if they’ve lived in the properties as long as they’ve owned them.
Basic information related to the transaction, the year of purchase, the proceeds of the sale and the description of the property must now be filled out on income tax returns.