Music. I'm Debby Peverill and you're listening to the weekly tip from the Painless Financial Training Group. This week, I will be discussing principal residences. Every Canadian family is entitled to have one principal residence at a time. This particular topic hasn't received much attention from the county revenue until recently due to the housing market in Vancouver. There are perceptions of abuse wherein individuals may sell their home and claim it as their principal residence. Currently, the rules require you to fill out a form called the t 209 one, but you do not need to send it to the Canada Revenue Agency (CRA). Instead, you should fill it out and keep it for future reference. It is possible that these forms will be requested to be sent to the CRA in the near future due to the perceived abuses in the Vancouver housing market. Therefore, my suggestion is that if you sell your principal residence, you should fill out the necessary forms and hold on to them in anticipation of having to send them to the CRA at some point. We have experienced similar activities in the past when it comes to selling investments like shares or mutual funds, which are reported to the CRA. It is likely that property transactions will also be reported to the CRA in the future. So, if you are selling your principal residence this year, make sure to fill out the form and keep it. Music. Music.
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Video instructions and help with filling out and completing Can Form 4797 Markets
