Form T2091(IND)-WS Principal Residence Worksheet - Canada

Form T2091(IND)-WS Principal Residence Worksheet is used in Canada to calculate the capital gain exemption for the sale of a principal residence. It helps taxpayers determine the portion of the gain that qualifies for the principal residence exemption and the amount of taxable capital gain, if any.

Individuals who are residents of Canada and have sold their principal residence need to file Form T2091(IND)-WS Principal Residence Worksheet.

FAQ

Q: What is Form T2091(IND)-WS?
A: Form T2091(IND)-WS is a worksheet used in Canada to calculate the principal residence exemption for the sale of a home.

Q: What is the principal residence exemption?
A: The principal residence exemption is a tax provision in Canada that allows individuals to exclude the capital gains from the sale of their primary residence from their taxable income.

Q: Who needs to use Form T2091(IND)-WS?
A: Individuals in Canada who have sold or are planning to sell their principal residence need to use Form T2091(IND)-WS to calculate their principal residence exemption.

Q: What information is required on Form T2091(IND)-WS?
A: Form T2091(IND)-WS requires information about the property, its use, the years of ownership, and any changes in its use during that period.

Q: Do I need to include Form T2091(IND)-WS with my tax return?
A: No, you do not need to include Form T2091(IND)-WS with your tax return. However, you should keep it for your records in case the CRA requests it.