Taxes and documents after the sale
Principal residence, another property, a sale within 365 days: what you need to report.
These benchmarks are general; we are not accountants. Confirm your situation with an accountant or a tax specialist.
Principal residence
The gain is generally exempt, but the sale must be reported: Schedule 3 and T2091(IND) federally, TP-274-V in Quebec.
Other property
Cottage, second property, rental building: in general, half of the capital gain is taxable.
Less than 365 days
The profit is generally fully taxable, with no exemption. Exceptions exist.
The details, including the principal residence designation and the exceptions, are in Appendix B.
Documents to keep
Keep the deed of sale, renovation invoices and reports for several years: they are used for your tax return and to respond to any claim.