Did you sell your residence in 2016? The CRA wants to know.

If you sold your principal residence in 2016, you need to be aware of new reporting requirements on this years Tax Returns.  On October 3rd, 2016, the CRA changed the reporting requirements when selling your home.  The intention of this new requirement, is to better track home-sales for capital gains purposes, especially when dealing with non-resident sales, home 'flippers' and renovators, tracking unreported GST/HST on new home sales, and unreported worldwide income.

From the CRA:

"When you sell your principal residence or when you are considered to have sold it, usually you do not have to report the sale on your income tax and benefit return and you do not have to pay tax on any gain from the sale. This is the case if you are eligible for the full income tax exemption (principal residence exemption) because the property was your principal residence for every year you owned it.

Starting with the 2016 tax year, generally due by late April 2017, you will be required to report basic information (date of acquisition, proceeds of disposition and description of the property) on your income tax and benefit return when you sell your principal residence to claim the full principal residence exemption."

Make sure you are informed when filing this years taxes - more details can be found on the Canada Revenue Agency website.

Some great tips and tricks for do-it-yourselfers

People are always looking for great tips to aid in their remodelling or staging of thier homes.  We've put together some great tips that we have found for your weekend projects:


  • Inexpensive way for a do-it-yourselfer to build larger 'faux baseboards' for a more contemporary look on a budget. Take a look at this simple step by step guide:
  • Increase your storage space and reduce clutter - use cupboard and closet doors for storage:
  • Use wooden shutters to create interesting entryway organizers:
  • Mount your HDTV on IKEA poles to keep your walls hole and damage-free:  
  • Label your paint cans with what they painted:
  • Clean stains and marks in your stone countertops using peroxide and flour for an easy fix:
  • 5 Smart ways to use mirrors in small spaces, to maximise your visual space: