Starting with the 2016 tax year (generally due April 2017), Canadians must now report sales of primary residences to the Canadian Revenue Agency when filing their taxes. While reporting the sale of a primary residence is now required, profit made is still likely exempt from being taxed. Penalties for not reporting the sale can be as high as $8,000.
More information can be found at the Canada Revenue Agency - Reporting the sale of your principal residence for individuals (other than trusts).
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