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I need some help in...
I need some help in knowing how to proceed in taking care of some Real Estate related issues. What I need is a detailed document showing what all Taxes (especially Capital Gains) will need to be paid when a property located in Toronto Canada is sold (possibly
this year or next year). The property was purchased in 1993 for $543,000 and has since appreciated in value to an estimate of 1.25 Million Canadian dollars.
Submitted: 3 years ago.Category: CA Real Estate
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Answered in 16 minutes by:
6/2/2015
Lawyer: Attorney2020, Lawyer replied 3 years ago
Attorney2020
Attorney2020, Lawyer
Category: CA Real Estate
Satisfied Customers: 2,580
Experience: I have significant experience in real estate law.
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Did you make any improvements? If so, how much did you spend on improvements?
Also, is the property a residential property or investments property? If a residential property, did you live in the residence as your home? If so, how long?
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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