• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Yannacopoulos Johal Accounting Services

Accounting Services

  • Home
  • Services
  • About Us
  • Resources
  • Articles
  • Contact Us

October 3, 2022

What you need to know if you bought or sold a property

When you buy

If you bought or built a property in 2019, you may be able to:

Claim $5,000 on your tax return – You may be able to claim $5,000 on your tax return with the home buyers’ amount if you recently bought a qualifying home. To claim it, you must not have lived in another home owned by you or your spouse or common-law partner in 2015 through to the day before the qualifying home was bought in 2019. This amount represents a non-refundable tax credit of up to $750.

If you are eligible for the disability tax credit, you do not have to be a first-time home buyer to be able to claim the home buyers’ amount. This credit may also apply to an individual that bought the home for the benefit of a related person who is eligible for the disability tax credit.

Claim the GST/HST rebate on a new build – If you bought a newly built home from a builder, you may be able to claim a new housing rebate for some of the GST/HST you paid. If you built or substantially renovated a house to use as your principal residence, you may also be eligible for this rebate.

Claim home accessibility expenses – You may be able to claim expenses paid for renovations that make your home more accessible if you are 65 years of age or older at the end of 2019 or eligible for the disability tax credit. You may also be eligible if you are claiming tax credits for a qualifying individual.

If you plan to buy or build a home, you may be able to:

Withdraw up to $35,000 from your registered retirement savings plan (RRSP) – You may be able to use the Home Buyers’ Plan (HBP) if you’re a first-time home buyer and plan to live in the home within one year of buying or building it. This plan lets you take out money from your RRSP to buy or build a home for yourself. The maximum amount you can withdraw from your RRSP under the HBP increased from $25,000 to $35,000 for withdrawals made after March 19, 2019. You have up to 15 years to repay the total amount.

If you are eligible for the disability tax credit, you do not have to be a first-time home buyer to use the Home Buyers’ Plan. This also applies to those that are helping a relative who is eligible for the credit to buy or build a home. The purchase or construction must be done to allow a person with a disability to live in a home that is more accessible or better suit their needs.

When you sell

If you sold your principal residence in 2019, you need to:

Report the sale – You have to report the sale of your principal residence on your tax return in the year you sold the property. When you sell your home or when you are considered to have sold it, and it was your principal residence, usually you do not have to pay tax on any gain from the sale because of the principal residence exemption.

For 2016 and subsequent years, the Canada Revenue Agency will only allow the principal residence exemption if you report the disposition and designation of your principal residence on your income tax return. If you didn’t report the sale and designation of your principal residence in these years, you will need to change your return and file a late designation for the related year as soon as possible.

If you sold a property that you rented out or flipped, you need to:

Report the gain or profit you made – Your intention matters when you buy a property. If you bought a property mainly to sell it or rent it out or if it was a secondary property and not your principal residence, you may owe tax on any resulting gain or profit.

Share this:

  • Click to share on X (Opens in new window) X
  • Click to share on Facebook (Opens in new window) Facebook

Related

Filed Under: Tax Information

Previous Post: « What to expect when the Canada Revenue Agency contacts you
Next Post: BC PST Rebate for select machinery and equipment »

Primary Sidebar

Voice Mail

You have the option to leave a detailed message directly in the voice mailbox of any of our staff, when your schedule does not allow you to call during our office hours, or when we are not available to personally answer the phone. Enter the extension right after the greeting. They are:

Angela (101)
Bal (104)
Lena (108)
Marina (105)
Michael (106)

Payment Options

We accept Visa, Mastercard and American Express

Stay Up To Date

Footer

Contact Information

18521 97th Ave – 2nd Floor
Surrey , B.C.       V4N 3N9

Phone: 604-881-4300

Fax: 604-881-4323

Email

Michael Yannacopoulos
michael@yanna.ca

Bal Johal
bal@yanna.ca

Angela Yannacopoulos
angela@yanna.ca

Marina Vaquero
marina@yanna.ca

Lena Murniece
Jelena@yanna.ca

Office Hours

Please contact us for an appointment

8:30 AM – 4:00 PM
Monday to Friday

Closed Statutory Holidays

Yannacopoulos Johal Accounting Services Copyright © 2025 ·Log in