What is adjusted cost base (ACB)?
Adjusted cost base (ACB) is usually the cost of a property plus any expenses to acquire it, such as commissions and legal fees. Adjustments can include items such as capital expenditures. Additional information can be found by visiting the CRA's section on adjusted cost base
The proceeds of disposition are usually the amount you received or will receive for your property. In most cases, it refers to the sale price of the property.
If you are using TurboTax Online you'll enter the principal residence info once for both spouse if you are preparing the returns together. If you are using TurboTax CD/Download, you'll need to enter the principal residence form on both returns.
You don't need to report anything about your new home until you sell it.
When you are claiming your property tax credit in the provincial section, click on the Additional Home button to be able to add info for your second home.
