For those that want to know about how the capital gains tax works, read below.

"People who sell their principal residence do not have to pay capital gains tax; those who sell a vacation or rental property will likely pay 50 per cent of the capital gains; but if you buy the property or a condo pre-sale contract with the intention of flipping the asset quickly for a profit, the seller must pay income tax on 100 per cent of the capital gain".

https://www.thestar.com/vancouver/2018/05/29/canadas-taxman-becoming-more-aggressive-with-real-estate-tax-evasion-in-hot-vancouver-and-toronto-markets.html

 

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