Canada Tax Questions Answered by Experts
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The way capital gains tax is calculated is you take the sale price and from that subtract the acquisition cost. That is the gain.One half of the gain is included as income for tax purposes.
It doesn't matter if you rent the property out or not as either way this was not your principal residence.
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There will be a 25% withholding tax on the gain.
Then you can file a return and may get a bit of a refund but the 25% is likely accurate in Alberta.