Canadian Property Tx Filing Questions.

[mdmm]

Hi,
I have sold my house in Dec 2021 and bought a new house at the same time. Now I am filing my Tax return of 2021 next month.
Kindly let me know, is there anything, by which,I can save some money,please. Me and my wife are 64 years old and filing tax together,in
Mississauga ON , Canada .

 

[jclarke99]

Hi,
I have sold my house in Dec 2021 and bought a new house at the same time. Now I am filing my Tax return of 2021 next month.
Kindly let me know, is there anything, by which,I can save some money,please. Me and my wife are 64 years old and filing tax together,in
Mississauga ON , Canada .

Is this a house in Canada? What's our residency status? For residents/citizens of Canada, you don't pay capital gains taxes on the sale of your primary Canadian residence. Are you also a citizen of another country? If so, you'll need to research the potential tax implications for that country.