Equity from selling principal residence


#1

Hi I sold my house last year. I have been receiving CPP disability benefits now for 2 years. I have terminal Cancer. My question is do I have to report any capital gain (equity) made from my sale of my house to CPP disability ? My understanding is that they are only really interested in additional money you have earned like from a job not investment income like sale of personal property. Thanks very much


#2

No you do not have to report any capital gains from selling your home to CPP-D. You are correct that you only have to report income earned from employment.

Prayers sent.


#3

Thank you for your quick response. Would the same thing apply to interest I earn from investments such as GIC’S etc? I mean I know if they are not tax shelted then I have to pay tax on the interesat earned but does CPP disability care about the interest earned?


#4

You are correct, CPP only cares about employment income.
My sympathies go out to you.


#5

Thank you all for your excellent replies. Enjoy your life!!!


#6

Principal residence there is no income, it is a tax free gain on any increase in value.

You do have to report the sale of your residence now, in the year you sold it. I believe CRA wishes to track information related to sales so they can find people abusing the system.


#7

Hi TryToSmile, yes you are correct. I reported the sale of my house to the CRA when I filed my taxes for 2017. Thanks