drasticmeasurements
New member
I own two condos in Toronto, one free and clear that my sister lives in and the other which has a small mortgage that is my principal residence. My sister will be moving out sometime this year. The condo she lives in has doubled in value for a profit of $400k which I understand i will have to pay capital gains on upon disposition if I just sell it.
I would prefer to sell my principal residence and move into the other condo when she vacates. If I do so, am I still on the hook for the capital gains?
How is the capital gains calculated? I have googled and get conflicting percentages from 20% to 35% of the “profit” after all costs of sale deducted. Many thanks.
I would prefer to sell my principal residence and move into the other condo when she vacates. If I do so, am I still on the hook for the capital gains?
How is the capital gains calculated? I have googled and get conflicting percentages from 20% to 35% of the “profit” after all costs of sale deducted. Many thanks.