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5 Things to Know Today: Key Money Headlines for Canadians

1. Spring Economic Update Lands Today Finance Minister François‑Philippe Champagne tables the 2026 Spring Economic Update this afternoon, outlining Ottawa’s latest fiscal outlook and new measures aimed at supporting Canadians amid global instability. 2. Fuel Excise Tax Temporarily Suspended Prime Minister Mark Carney has paused the federal excise tax on gas, diesel, and aviation fuel , offering short‑term relief as energy prices remain elevated due to geopolitical tensions.  3. Canada’s First Sovereign Wealth Fund Announced Carney has unveiled the Canada Strong Fund , the country’s first sovereign wealth fund, designed to finance major national infrastructure and economic‑building projects in partnership with the private sector.  4. CPP & OAS Payments Arrive Today New CPP and OAS payments are being issued today, including adjustments for seniors affected by recovery tax calculations, which are spread across monthly OAS payments.  5. Global Instability Conti...
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Principal Residence and Taxes in Canada


When you sell your home, you may realize a capital gain. If the property was solely your principal residence for every year you owned it, you do not have to pay tax on the gain. However, if at any time during the period you owned the property, it was not your principal residence, or solely your principal residence, you might not be able to benefit from the principal residence exemption on all or part of the capital gain that you have to report.

To designate a property as the principal residence, it does not have to be the place where the taxpayer lives all the time. The property will qualify as a principal residence if the taxpayer, taxpayer’s current or former spouse or common-law partner, or any of the taxpayer’s children lived in it at some time during the year.

If you sold property in 2022 that was, at any time, your principal residence, you must report the sale on Schedule, Capital Gains (or Losses) in 2022, and Form T2091 (IND), Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust).


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