Is it necessary to enter the payments related to my principal residence?

Entering payments related to your principal residence will result to the principal residence exemption which allows an individual to allocate one property as their principal residence and, upon sale, the gain will be exempt from taxes.  Properties that can be considered a principal residence include, but are not limited to, a house, cottage, trailer, and condominium. The property that you are designating as the principal residence, must have been ordinarily inhabited by the taxpayer, their spouse/common law partner, or child during the years of designation.  If an individual owns more than one property, they are only permitted to allocate one property as their principal residence in any given tax year.  The principal residence exemption is also shared between spouses and common law partners.

For more information, please visit the CRA website: Principal Residence

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