Did you know that if you sell or give away property, you may have to complete a Form T2091? This form is used to report the sale of capital property, including real estate. If you're not sure whether you need to file this form, or if you have any other questions about it, read on for more information. The Canada Revenue Agency (CRA) requires taxpayers who sell certain types of property - including real estate - to complete and submit a Form T2091. This form is used to report the sale of capital property, and must be filed within 30 days of the date of sale. It's important to note that even if no tax is owing on the sale, you still need to file a T2091. If you're not sure whether this form applies to you, or if you have any other questions about it, read on for more information.
Question | Answer |
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Form Name | Form T2091 |
Form Length | 2 pages |
Fillable? | No |
Fillable fields | 0 |
Avg. time to fill out | 30 sec |
Other names | form t2091 ind, firm t2091, to print form t2091, 1981 |
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when completed
DESIGNATION OF A PROPERTY AS A PRINCIPAL RESIDENCE
BY AN INDIVIDUAL (OTHER THAN A PERSONAL TRUST)
Use this form to designate a property as a principal residence and to calculate the capital gain for the year you:
disposed of, or were considered to have disposed of, your principal residence, or any part of it; or granted someone an option to buy your principal residence, or any part of it.
Attach one copy of this form to your return only if a capital gain has to be reported. If the property is designated as your principal residence for all the years in which you owned it, there is no capital gain.
Note
If you were not a resident of Canada for the entire time you owned the designated property, call
The term spouse used throughout this form applies to a person to whom you are legally married. For 1993 to 2000, a spouse included
a
Note
If you made an election to have your
If you disposed of, or were considered to have disposed of, a property for which you or your spouse or
the property was your principal residence for 1994; or
you are designating the property in this form as your principal residence for any tax year.
You may be entitled to a reduction as a result of the capital gains election. To calculate this reduction, use
Form
For more information about designating a principal residence and what qualifies as a principal residence, see Interpretation Bulletin
Designation
For the purpose of this form, the acquisition date is the date on which you acquired or last reacquired the property,
or December 31, 1971, whichever is later. However, if you or your spouse or
Note
If the property was designated as a principal residence for the purpose of filing Form T664 or T664(Seniors), you have to include those previously designated tax years as part of this principal residence designation.
Description of property designated:
I, |
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, hereby designate the property described above to have been my principal residence for the |
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(print your name) |
following tax years ending after the acquisition date: a)
(specify which tax years after 1971 and before 1982)
b)
(specify which tax years after 1981)
For those years before 1982, I confirm that I have not designated any other property as my principal residence.
For those years after 1981, I also confirm that neither I, nor my spouse or
Signature
Social insurance number
Date
Information needed to calculate the capital gain
Number of tax years for which the property is designated as a principal residence:
Before 1982 (as per designation above). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total number of years designated (line 1 plus line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Number of tax years ending after the acquisition date in which you owned the property (jointly with another person or otherwise):
Before 1982 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
After 1981 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total number of years owned (line 4 plus line 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds of disposition or deemed disposition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Outlays and expenses related to the disposition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted cost base at the time of disposition (If you or your spouse or
Adjusted cost base on December 31, 1981 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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T2091 (IND) E (12) |
(Vous pouvez obtenir ce formulaire en français à www.arc.gc.ca ou en composant le |
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Calculation of the capital gain |
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when completed |
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Part 1 |
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Proceeds of disposition or deemed disposition (line 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted cost base at the time of disposition (line 9) |
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Outlays and expenses (line 8) |
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Line 14 plus line 15 |
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Capital gain before principal residence exemption (line 13 minus line 16) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amount from line 17 |
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Line 3 plus 1 (one year is granted by law) |
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Multiply line 18 by line 19 |
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Line 6 |
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Divide line 20 by line 21 |
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Net capital gain from Part 1 (line 17 minus line 22; if negative, enter "0") . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part 2
Complete Part 2 only if the property disposed of is one of two or more properties that qualify as principal residences a family member owned on December 31, 1981, and continuously thereafter until its disposition. You will find a definition of family in the "Principal residence" chapter in Guide T4037, Capital Gains. In all other cases, do not complete Part 2 and enter the amount from line 23 above on line 53 in Part 3 below.
a)
Fair market value on December 31, 1981 (line 11) |
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Adjusted cost base on December 31, 1981 (line 10) |
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Amount from line 26 |
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Line 1 plus 1 (one year is granted by law) |
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Multiply line 27 by line 28 |
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30 |
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Line 4 |
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Divide line 29 by line 30 |
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b)
Proceeds of disposition or deemed disposition (line 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fair market value on December 31, 1981 (line 11). If the fair market value of the |
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property on December 31, 1981, is more than the amount on line 33, enter "0" on |
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line 44 and complete areas c) and d) below |
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Adjustments made to the cost base after 1981 (line 12) |
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Outlays and expenses (line 8) |
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Add lines 34 to 36 |
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Amount from line 38 |
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Line 2 |
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Multiply line 39 by line 40 |
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Divide line 41 by line 42 |
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c)
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d) Net capital gain from Part 2
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Line 48 plus line 49 |
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Net capital gain from Part 2 (line 50 minus line 51; if negative, enter "0") |
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Part 3
Total capital gain (If you completed Part 2, enter the amount from line 23 or line 52, whichever is less. Otherwise, enter the amount from line 23)
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Complete Part 4 only if you or your spouse or
Part 4
Total capital gain before reduction (line 53) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . Capital gain (line 54 minus line 55; if negative, enter "0") . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enter the amount from line 56 on line 158 of Schedule 3, Capital Gains (or Losses), for dispositions or deemed dispositions.
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