After selling your home, you will need to keep several key documents for tax purposes and recordkeeping. Having them organized ensures a smoother experience when filing your next return or addressing any financial questions.
For most homeowners, the sale of a principal residence is exempt from capital gains tax, but you still need to report the sale to the Canada Revenue Agency (CRA) on your annual tax return. Keep copies of your final statement of adjustments, the purchase and sale agreement, and proof that it was your primary residence during ownership.
If you sold an investment or rental property, retain additional records. These include purchase receipts, renovation costs, mortgage payout details, and any documentation that supports your adjusted cost base. This information is required to calculate capital gains accurately.
Your lawyer and realtor will provide most of these documents upon closing. Store them securely, either digitally or in a physical folder, for at least seven years.
Need help understanding what to keep after closing?
I can outline exactly which tax documents you’ll need based on your type of property and sale.