when are capital gains taxes sold on investment property due...upon sale of property or in the following tax year....i am planning to sell my house and investment property at the same time. i know that my personal residence proceeds are exempt , but are the taxes due right at the point of sale or do you remit them with your taxes....
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If you are not a Canadian resident, there is withholding which exceeds the tax due. However, if you are a Canadian resident, the tax is due on April 30 of the following year, along with your regular income tax.
Tax preparer with 23 years experience, including US/Canada tax returns.
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