What Is a Principal Residence Tax?

In Canada, homeowners get charged a principal residence tax.
It’s charged on a residential property occupied by the individual or by their family members.

You have to report when you sell.
Let the Canada Revenue Agency know when you file your taxes.
Include details like sale date, acquisition date and property description.

How do you report it?
Fill out a Schedule 3 form.
File it with your T1 Income Tax and Benefit Return.

Make sure to follow these steps or risk being audited.
You could incur penalties or owe back taxes.