Accountant’s Comments on Tax Returns

If you sold your home in 2023, you must report the sale on your tax return, even if it was your principal residence for the whole time you owned it. There are significant fines for not reporting.

If you owned residential property in 2023 other than your principal residence—including a cottage or cabin—you may need to file an additional tax return, even if you are exempt from paying the Underused Housing Tax on that property. This applies even if you owned the property jointly with other individuals, as a trustee through a trust or as a partner in a partnership.

If you owned certain property outside of Canada totaling more than $100,000 at any time during 2023, it may be necessary for you to declare such ownership in your tax return. There are substantial fines and penalties for non-compliance.