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This version of the form is not currently in use and is provided for reference only. Download this version of
Form T1079-WS
for the current year.
Form T1079-WS Principal Residence Worksheet - Canada
The Form T1079-WS Principal Residence Worksheet in Canada is used to calculate the capital gains tax when selling a property that was designated as your principal residence.
FAQ
Q: What is the Form T1079-WS?
A: Form T1079-WS is the Principal Residence Worksheet in Canada.
Q: What is a principal residence?
A: A principal residence is usually the home that you live in most of the time.
Q: Why do I need to fill out the Principal Residence Worksheet?
A: You need to fill out the Principal Residence Worksheet to claim the principal residence exemption on your taxes.
Q: What is the principal residence exemption?
A: The principal residence exemption allows you to avoid paying taxes on the capital gains from the sale of your principal residence.
Q: How do I fill out the Principal Residence Worksheet?
A: You need to provide information about the property, such as the address, acquisition date, and sale date, as well as calculate the capital gain.
Q: Do I need to include the Principal Residence Worksheet with my tax return?
A: No, you do not need to include the Principal Residence Worksheet with your tax return, but you should keep it for your records in case the Canada Revenue Agency requests it.
Download Form T1079-WS Principal Residence Worksheet - Canada
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