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I purchased a house in Toronto, to re-build and sell for profit. Purchase: 1,470,000 Construction: 1,030,000 Sales: 3,125,000 Income: 0 How much capital gain tax & HST?
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June 4, 2021
11:23 PM
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Investors and rental owners
Your Capital Gain will be: $3,125,000 - ($1,470,000+$1,030,000) = $625,000
Since only 1/2 of Capital Gains are taxable, you will have to complete section 3 of Schedule 3 and report $312,500 ($625,000*1/2) as your Taxable Capital Gain.
For more information, please see:
- Schedule 3 Tax Form: Capital Gains or Losses in Canada
- Claiming Capital Gains and Losses
- Example of how to calculate your capital gain
Thank you for choosing TurboTax. If you have further questions, please feel free to contact us
July 28, 2021
5:06 AM