The 11 acre property were selling was not purchased. It was sub-divided in 1992 from our primary residence bought in 1981. Are there capital gains owing on the property?
The 11 acre property were selling was not purchased. It was sub-divided in 1992 from our primary residence bought in 1981. Are there capital gains owing on the property?
The 11 acre property were selling was not purchased. It was sub-divided in 1992 from our primary residence bought in 1981. Are there capital gains owing on the property?
This can get tricky because you would have to determine the portion/size of property that is sub-divided to the portion/size of principle residence and make a capital gain calculation accordingly. Also, the year of ownership plays a role as well.
Please review the links provided below from the CRA to explain in detail:
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