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Who Needs To File A T2091 and When?

This form is used by taxpayers to designate a real property as a principal residence by an individual. The principal residence exemption applies to each year that a property is designated as the principal residence and no other property is so designated. The filing of this form has become more important now that the CRA requires individuals to report the sale of principal residences. T2091 needs to be filed when the principal residence exemption does not fully eliminate the gain on the sale and needs to be filed with the taxpayer’s return for the year the property is disposed of.

Chartered Professional Accountant in Canada, U.S. and U.K.

Testimonial

Sam Faris reduced the significant unreported income based on net worth audit to be nil. Sam’s approach in fighting these types of complex audits is unique and sophisticated. He found countless mistakes made by the auditor which were rectified when Sam appealed the audit decision. Instead of owing significant amount of taxes, Sam reduced it to zero. I highly recommend to hire Sam for this type of audits and any CRA problem.”

E.M., Ottawa