Fiscal and Financial Planning Guide 2024-2025
Owners > Sale of a residence
If you sold your home or cottage in 2024, this transaction must be recorded on your tax return.
If you only have one home, the gain will generally be exempt from tax if you have owned it for more than one year. The transaction must still be disclosed, otherwise penalties will apply. It is important to provide us with the details of this transaction (acquisition year and sale price).
In the case where you own more than one home (e.g., house and cottage) choices can be made upon a sale to exempt in whole or in part the gain or the other. Do not hesitate to contact your advisor to discuss the best strategy to adopt in this situation.