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  • Your home

    While your home is generally exempt from tax, if you rent out part or all of it (or otherwise use it to produce income) you must include the income in your tax return (and you can claim the associated expenses). You may also have to pay capital gains tax when you sell it.

    You should keep all the records relating to your home so that if circumstances change (you start to rent it out for example) you don't pay more tax than necessary.

    If you work at home you may be able to claim a deduction for some of the expenses relating to the area you use.

    If you buy new residential premises or potential residential land, you may be required to withhold an amount from the contract price and pay it directly to us. The vendor is required to notify you of this in writing (before settlement of the property). The information provided will help you to comply with your withholding obligation, including the submission of two online forms.

    The information in this section (Your home) applies to dwellings owned or rented out by individuals, not to dwellings owned or rented by companies or trusts.

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    Last modified: 29 Mar 2019QC 23615