Real Estate Sales - Are They Taxable? What About My Principal Residence?
The gain on the sale of real estate is a capital gain unless the property has been purchased with the intent of reselling at a profit, or developed and sold as a business endeavour. If it is considered a business transaction, the entire profit or loss on the sale is taxable or deductible. If the transaction is a capital gain (principal residence, summer cottage, second home, rental home, etc.), only 50% of the gain is taxable.
Original Article Source Credits: Taxtips , https://www.taxtips.ca/
Article Written By: NA
Original Article Posted on: May 28, 2021
Link to Original Article: https://www.taxtips.ca/personaltax/taxation-of-real-estate-sales.htm