Thank you for your question; this week?s question is one I get asked frequently.
How much in Capital Gains will I have to pay when I decide to sell my rental/investment property?
The first time I was asked this question, my answer was ?I have no idea?, but I will find out. Thinking it would be a fairly straight forward answer from an expert in the accounting field, I posed the question to an accountant friend of mine. To my amazement the reply I got was I don?t know. I have posed the question to many accountants and have gathered many different answers. I decided to put aside a morning to address Canada Revenue Agency. The process with the government agency only took about five minutes. They gave me the web site address and quoted me a form number to enter; again to my amazement there it was in black and white, everything you need to know about Capital Gains. I did search around the site for some other information on the topic and was able to find another form that has some valuable information. On top of getting the information I was also pleased at what I now know about Capital Gains and I have obtained the information ?right from the horse?s mouth?. I encourage you to give it a read. The web site address is www.cra.gc.ca click on search at the top right (second from the end) Enter in the search box T4037, I found specifically pages 9 ? 12 being of benefit, and also T4058 pages 8 ? 10 was a help.
If you do not have access to a computer or internet, give me a call and I will be happy to see that you get the information. Good luck with the tax man.
Until next week, take care and I hope everyone has a great Spring Break!
Remember to submit written question to me through e-mail at email@example.com mail Brenda Banham Box 1769, Tumbler Ridge, BC V0C 2W0 or fax 250-242-3256.