canada capitals
Posted on Thursday, October 15th, 2009 at 9:00 am
how much is capital gains tax in Canada, BC for properties?
I have an investment property I am selling in Vancouver, BC, Canada (also where I live). I am selling it for approximately $450,000 and making approximately $100,000 profit.
How much capital gains tax do I have to pay? Is it on the profit, or total amount? Do I have to pay it at the end of the tax year, or on sale of the property?
Any further information anyone can provide will be useful, as I have never sold property in Canada. I am a new (18 months) permanent resident of Canada.
Many thanks,
Graham
50% of the $100,000 profit is taxable as income on your tax return, and how much tax you pay will depends on your tax bracket or marginal tax rate if u have other income in the year. The tax is payable upon filing your tax return of the year (12 months ending Dec 31 for individuals), with filing deadline being Apr 30 of the following year.
