Do I pay tax when I sell my family home?
By Natalia Halenda, Sales Representative, RE/MAX Jazz Inc., Brokerage. Updated
The short answer
Usually not, if it was your principal residence for all the years you owned it. You still report the sale on your tax return, on Schedule 3 and Form T2091. An accountant can confirm it for your situation.
From the guide: Downsizing in Durham: how to sell the family home and move to something smaller
More questions from this guide
General information, not legal, tax or mortgage advice. Rates, prices and rebate rules change often. Confirm the details with your real estate lawyer and a licensed mortgage professional before you make a decision.