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Sam Kamoh
Level 2

Need help with which year the tax payer should declare that she has sold her principal residence

hi 

I have a situation. My client owned a property with her brother in 2019. That was was her principal residence from 2019 until she got married in June 2020. She moved out of the house and living in a rented place with her spouse after marriage. She did not come out of the title yet. She wants to buy a house with spouse sometimes in 2021.

She is not eligible for MTG since she is still in title and may be no mtg obligation since her bro wants to take over the mortgage balance. 

My question is - since she moved out in june 2020 and does not live there anymore- do I have to file T2091 as deemed sale -

 

 

Solved
Best answer March 29, 2021

Best Answers
janisbossenberry
Level 4

Need help with which year the tax payer should declare that she has sold her principal residence

You do not report the sale until it actually happens, that is, when she comes off title and there is an actual transaction that will show up in Land Titles.  CRA is trying to match up transactions that show in Land Titles against transactions reported on the tax returns.

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1 Comment
janisbossenberry
Level 4

Need help with which year the tax payer should declare that she has sold her principal residence

You do not report the sale until it actually happens, that is, when she comes off title and there is an actual transaction that will show up in Land Titles.  CRA is trying to match up transactions that show in Land Titles against transactions reported on the tax returns.

View solution in original post