How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Legal Ease Your Own Question
Legal Ease
Legal Ease, Lawyer
Category: Canada Tax
Satisfied Customers: 95879
Experience:  Lawyer
Type Your Canada Tax Question Here...
Legal Ease is online now
A new question is answered every 9 seconds

I owned a quarter of land in Alberta, 160 acres which was my

Customer Question

I owned a quarter of land in Alberta, 160 acres which was my home quarter for almost 20yrs. This land had our home, barn and out buildings. Before leaving Alberta, we had the land divided. 21 acres was the house and the buildings and the remainder was just land. We sold both packages of land and moved to New Brunswick.Is this taxable, as we thought this was all considered as our home for almost 20yrs.
Submitted: 6 months ago.
Category: Canada Tax
Expert:  Legal Ease replied 6 months ago.
Part of the property is subject to Capital Gains Tax. The 160 acres is not all your principal residence.The way this work is that only that part of the land that is your principal residence or part of your principal residence is exempt from capital gains tax but the rest is not.As well there may be a further exemption if you or your spouse or children actually farmed on this land and then your farm may be considered to be exempt from capital gains tax. If you did farm on the property discuss this with your accountant. If not discuss how much of the land around your home would be exempt.

Related Canada Tax Questions