Generally, on the sale of capital property, capital gains rules apply, and you will be taxed on half of total gain. Luckily, there is some tax relief when it comes to your principal residence. Your principal residence is the place where you and your family ordinarily inhabited during the year. It can be any of the following types of housing units:
Scammers are continuing to contact Canadian taxpayers through various ways including the telephone and emails seeking personal information. This is done in an effort to commit identity theft or receive a financial benefit. Taxpayers need to be aware when receiving these calls or emails to verify if they are legitimately coming from the Canada Revenue Agency (CRA) or if they are coming from a scammer looking to commit fraud.