The CRA Penalty on Canadian Homeowners Most People Don't See Coming
Most Canadians know the Principal Residence Exemption protects them from capital gains tax when they sell their home. What most don't know is that since 2016, there's a mandatory form that has to be filed with every home sale — whether you owe tax or not. Miss it, and the CRA can assess a penalty of up to $8,000. On a transaction that was never taxable. In this video I walk through how the Principal Residence Exemption actually works, what the T2091 reporting requirement is and why so many homeowners have never heard of it, the change-of-use trap that catches people who rented out part of their home, the new short-term rental rules that have been in effect since 2024, and what happens to the family home when someone passes away. I'm Marv Hutchinson — retired Canadian tax accountant, thirty-four years in private practice. I volunteer at a tax clinic in Ottawa each spring. I have no clients to bill and nothing to sell you. Just the information. If you sold a home since 2016, watch this before you file. This video is for general information only and does not constitute tax advice for your specific situation. For your own numbers, speak with a CPA or qualified tax professional.
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