Changes to the Schedule 3 Principal Residence Detail form

Starting with the 2024 T1 module, there are changes affecting the Schedule 3 Principal Residence Detail worksheet (S3PrincipalResidenceDetail). The proceeds from the disposition of the property will automatically be transferred to form T2091 (or T1255 if applicable). As a result, tax preparers will see a capital gain entry on Schedule 3. This change is designed to make the process easier, so tax preparers don't have to manually enter the proceeds of disposition in multiple places. Once Form T2091 is completed, the correct capital gain amount will be calculated and displayed accurately on S3.

We've also added a new entry to account for the percentage used as the principal residence. Before, tax preparers had to do this calculation manually. Now, Forms T2091 and T1255 include 2 columns that let you to include your share of the capital gain.