INDUSTRY: Toronto CREW Welcomes New Members To Board Of Directors

CRA

Learn how the CRA (Canada Revenue Agency) affects real estate in Canada, including capital gains, tax filing, rental income, and the principal residence exemption.

CRA

June 13, 2025


What is the CRA?

CRA stands for the Canada Revenue Agency, the federal body responsible for tax administration, compliance, and enforcement in Canada, including taxes related to real estate transactions and property ownership.

Why the CRA Matters in Real Estate

In Canadian real estate, the CRA governs income tax reporting, capital gains, GST/HST on property sales, principal residence exemptions, and rental income obligations.



Key real estate responsibilities under the CRA:
  • Reporting rental income and allowable expenses
  • Declaring property sales for capital gains tax
  • Filing GST/HST on new home sales or flips
  • Claiming principal residence exemption (PRE)
  • Ensuring compliance with foreign ownership rules



The CRA provides forms, guidance, and audits to ensure compliance. Real estate professionals and homeowners must understand CRA requirements to avoid penalties.



Understanding CRA rules is essential for all property transactions, from investment to ownership transfer and rental income management.

Example of the CRA in Action

The seller reports a gain on their secondary property to the CRA and pays applicable capital gains tax after the sale closes.

Key Takeaways

  • Canada's federal tax authority
  • Oversees real estate tax obligations
  • Manages capital gains and rental income rules
  • Handles tax exemptions and credits
  • Key to staying compliant as a homeowner or investor

Related Terms

Additional Terms

Egress Window

An egress window is a window that meets building code requirements for emergency escape and rescue, typically required in basement bedrooms or. more

Common Elements

Common elements refer to shared spaces and systems in a condominium development that are jointly owned and maintained by all unit owners through the. more

Commercial Lease

A commercial lease is a legally binding agreement between a landlord and a tenant for the rental of property used for business purposes, such as. more

CCAA

The Companies’ Creditors Arrangement Act (CCAA) is a federal law that allows large insolvent corporations in Canada to restructure their debt and. more

Bankruptcy and Insolvency Act

The Bankruptcy and Insolvency Act (BIA) is a federal law in Canada that governs the legal process for personal and business bankruptcies,. more

Accessibility Standards

Accessibility standards are building design and construction requirements that ensure people with disabilities can safely and independently access. more

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INDUSTRY: Toronto CREW Welcomes New Members To Board Of Directors
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