If these properties were your principle residence while you owned them, then you would not be subject to capital gains. However, if these were investment properties or you rented them out, then yes you may have capital gains as a result of the sales.
Hello TurboTaxSusan,
I had a followup question that seems to be related. I borrowed funds from a bank line of credit to purchase half of a condo for my mother; she owns the other half. I paid interest on the line of credit and she lived in the condo as her primary residence. We have sold it now and since I live in my own primary residence I realize that I need to pay capital gains on the appreciation. Is there any deduction I can take, or is there some way that I can reduce, to lower how much capital gains I need to pay? I am retired.
Thank you
You can’t claim the interest on the line of credit – you can only do this if you were using the property to generate income (such as a rental). However, if you made any improvements to the property, you can include those expenses in your Adjusted Cost Base (ACB) calculations when you sell the property. This can reduce the amount of capital gains that you can be taxed on.
This Canada Revenue Agency (CRA) page has more information on Adjusted Cost Base: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/calculating-reporting-your-capital-gains-losses/adjusted-cost-base.html