Sold Principal Residence, then bought another Principal residence in the same year, Questions on T2091 Tax Form?

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Mar 7th, 2022 10:23 pm

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Mar 4th, 2022 9:04 am

GoodFellaz [OP]: Deal Fanatic; Jun 24, 2015; 7847 posts; 2619 upvotes; 0 downvotes

Mar 4th, 2022 9:04 am

Sold Principal Residence, then bought another Principal residence in the same year, Questions on T2091 Tax Form?

I sold our principal residence, then bought another one in the same tax year. It was simple nothing complex no overlap of principal residence, it was the simplest transaction you could imagine,

Can someone explain to me in detail what areas of the T2092 form I must fill in to include in my annual income tax filing? also I have a spouse, do we both need to fill in this form and divide the amount by two? This is my first and only time I will need to do this so I need some help please

Supermarket worker at Fortino's
I'm Not a Wise Guy but more of a Good Fella~!
Drive an Escalade

5 replies

Mar 5th, 2022 8:41 pm

GoodFellaz [OP]: Deal Fanatic; Jun 24, 2015; 7847 posts; 2619 upvotes; 0 downvotes

Mar 5th, 2022 8:41 pm

no body knows?

Supermarket worker at Fortino's
I'm Not a Wise Guy but more of a Good Fella~!
Drive an Escalade

Mar 7th, 2022 9:39 am

GoodFellaz [OP]: Deal Fanatic; Jun 24, 2015; 7847 posts; 2619 upvotes; 0 downvotes

Mar 7th, 2022 9:39 am

anybody?

Supermarket worker at Fortino's
I'm Not a Wise Guy but more of a Good Fella~!
Drive an Escalade

Mar 7th, 2022 12:12 pm

Numbersman1941: Member; Aug 23, 2021; 296 posts; 279 upvotes

Mar 7th, 2022 12:12 pm

GoodFellaz wrote: ↑ I sold our principal residence, then bought another one in the same tax year. It was simple nothing complex no overlap of principal residence, it was the simplest transaction you could imagine,

Can someone explain to me in detail what areas of the T2092 form I must fill in to include in my annual income tax filing? also I have a spouse, do we both need to fill in this form and divide the amount by two? This is my first and only time I will need to do this so I need some help please

I would have each spouse file the forms and each report 50%. First step is complete schedule 3 - specifically last part (line 17900) and tick Box 1. Then complete form 1091 - Note since you ticked Box 1 on line 17900, you only have to file first page of form 1091 (see instructions on top of form 1091)

Mar 7th, 2022 2:49 pm

GoodFellaz [OP]: Deal Fanatic; Jun 24, 2015; 7847 posts; 2619 upvotes; 0 downvotes

Mar 7th, 2022 2:49 pm

sorry the form is T2091, not T2092 that was typo. but there is no check box or tick box in that form? where do i get 1091 form? I searched cra web site and cant findanything on there with that? so you are telling me i have to fill in 2 separate forms? one i have and the other i don't know where to get?

Supermarket worker at Fortino's
I'm Not a Wise Guy but more of a Good Fella~!
Drive an Escalade

Mar 7th, 2022 10:23 pm

Numbersman1941: Member; Aug 23, 2021; 296 posts; 279 upvotes

Mar 7th, 2022 10:23 pm

GoodFellaz wrote: ↑ sorry the form is T2091, not T2092 that was typo. but there is no check box or tick box in that form? where do i get 1091 form? I searched cra web site and cant findanything on there with that? so you are telling me i have to fill in 2 separate forms? one i have and the other i don't know where to get?

You must file schedule 3 and form 2091.
My prior post stated “ I would have each spouse file the forms and each report 50%. First step is complete schedule 3 - specifically last part (line 17900) and tick Box 1. Then complete form 1091 - Note since you ticked Box 1 on line 17900, you only have to file first page of form 1091 (see instructions on top of form 1091)”
Here is schedule 3 - see line 17900 https://www.canada.ca/en/revenue-agency ... 00-s3.html
I mistakenly referred to form 1091 - should be 2091.

https://www.canada.ca/content/dam/cra-a ... nd-20e.pdf

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