Hi, is there capital gains owed when selling a parcel of land (there is an immovable on the property but not the part that is being sold).

décembre 2, 2011 par web12_admin

The only exception to tax regarding real estate is the principal residence.

The principal residence can be any of the following types of housing units:

• a house;
• a cottage;
• a condominium;
• an apartment in an apartment building;
• an apartment in a duplex; or
• a trailer, mobile home, or houseboat.

Also remember that you only half (1/2) of the capital gain is taxable.

Hope that answers your question.

Lawrence