I sold my rental property. Residential triplex with long term tenants. I owned for 11 years. I've never claimed CCA - I don't really understand it. How to I calculate CG?

The way you calculate capital gains is that you take the cost of the property you owned and subtract that from the price you sold the property for. The difference between these two amounts is your capital gain. Only 50% of the amount of your capital gain is taxable, which is taxed at a marginal tax rate based on your tax bracket. For example, if you bought your property for $100,000 and sold it for $200,000,  you would have a capital gain of $100,000 (200k-100k=100k). The amount that would be taxed and reported as income would be $50,000 (50% x $100,000 = $50,000). If you'd like to know more about selling your rental property here is an informative article by the Government of Canada. For more information on CCA and rental properties here is a link to an article by TurboTax. 

 

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