Login l Contact l Help     






TOP GIC RATES

Click here
to get a list of the top GIC rates available through GP Wealth Management. Please contact your GP advisor for more information regarding any of the above investments.

  Open an account and request
GP Information Kits and
Applications. Learn more...
 


GET ON-LINE ACCESS
  To obtain access to your accounts, click here or contact us at 1-800-608-7707 ext. 242 or by email at  password@gpwealth.ca  
CRA Updates Principal Residence Folio
 
October 19, 2019

The ability to claim the principal residence exemption (PRE) on the sale of a home is one of the most valuable tax-reduction strategies many Canadians will ever use.

The PRE relieves you from paying capital gains when you sell a property you’ve designated as your principal residence.
Beginning in the 2016 tax year, changes to the Income Tax Act tightened the regulations that allow you to qualify for the PRE. Most significantly, you’re now required to report the sale of your principal residence on your tax return, but there are other new rules that must be followed as well.

Recognizing that Canadians are finding the process difficult to navigate, Canada Revenue Agency, in July 2019, issued a technical publication, Tax Folio S1-F3-C2, Principal Residence, that provides a comprehensive explanation of how the rules work. It also includes information about additional changes made to the PRE since 2016.

For many homeowners, particularly those owning multiple properties, the CRA’s PRE overhaul has created tax complications that may require professional tax advice. It’s clear that homeowners must be more vigilant in future about the tax consequences of selling real estate.

 

Get Started

If you want to learn more about common tax questions, we encourage you to read the posted articles. 

You'll also find information and ideas that will help you plan a more effective tax strategy for you and your family. If you have any questions, send us an email and we would be pleased to help.
 
Related Information
Tax Changes
Download  Documents
Archives
For more information on all topics related to personal finance, visit our Learning Centre
Learn more
 
Articles

 

The Value of Advice Getting Advice
Canadians with financial advisors are more confident about their future.

Learn more, download the independent report on
The Value of Advice
Reviewing your income tax strategy? We encourage you to talk to us. Click here if you would like to discuss your tax plan or receive information by mail. Not a GP client yet? Find out more about:
Download Report Open an Account