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| *The Commerce Journal>>>Canada Taxes |
Do I have to pay capital gains tax if I sell farmland I have inherited.? |
The farmland I have inherited is not my principle residence. A capital gains tax (abbreviated: CGT) is a tax charged on capital gains, the profit realized on the sale of an asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property. Not all countries implement a capital gains tax. seeing that you didn't have to pay for the land and being in Canada, you probably won't. However, contact a lawyer for a free consultation. The short answer is yes, if it is worth more now than it was when you inherited it. However, there might be a Capital Gains Deduction that you can use, if you've been using the property as a farm business . http://www.cra-arc.gc.ca/e/pub/tg/t4003/... |
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