We are not able to provide tax advice, as we are not tax professionals. It is important to consult with an accounting or tax professional to obtain accurate and personalized advice regarding the tax implications of selling your home. They can provide guidance on the tax payable from the disposition of your property as well as any required filings.
In general, according to Canada Revenue Agency (CRA) rules, if your home qualifies as your principal residence for every year you owned it, you may be eligible for the principal residence exemption. This exemption could potentially eliminate or reduce the amount of tax payable on the sale of your home. You may however still have to report the sale of the property. However, it is crucial to consult with a tax professional to determine your specific circumstances and ensure compliance with all relevant tax regulations.
Remember, tax laws and regulations can be complex and subject to change. Seeking professional advice will provide you with the most accurate and up-to-date information tailored to your situation.
https://myedmontonlawyer.com/flipping-a-residential-property-you-may-be-on-the-hook-for-tax/
