I bought a investment property in 2014 for $225,000, sold it 2016 for $280,000. So as capital gains of $55,000. Buyer gave me $45,000 (16.071% of the selling price) in 2016 and I provide the remainder ($235,000) back to him as a mortgage on the house. I only received the $45,000 in 2016. I understand I need to file a T2107 to claim a reserve (I understand a reserve to be an amount of tax to be paid in future years - I have the Premier 2016 and cannot find a T2017.
From a T2017 I found online I determined I can have a reserve of 80% of the capital gains because it is less than the capital gains x the amount payable to / the proceeds of the disposition.
How can I proceed to complete this filing?
