Case: Capital Gain Tax Implications for House in Toronto, ON
Purchase value of House in 2000: $230,000
Potential Sale value in 2015: $650,000
Joint-owners: David & Rebecca, married and both are Canadian citizen non-residents ever since before purchase of House in 2000. Neither have any other Canadian business or Canadian sources of income, other than rental income from the house in question and rental income from a few other Canadian houses.
Questions:
- How is Taxable Capital Gain calculated? What tax rates are applicable?
- Can the Taxable Capital Gains be split between David and Rebecca to reduce the total tax payable?
- What are the (common) applicable tax credits, exemptions, or deductions?
