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In 2015 our family sold a property that was inherited from…

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In 2015 our family sold...

In 2015 our family sold a property that was inherited from our mother in 2003 when she died. her will stated that she was giving her estate evenly to the 5 children.
The property sold for $500,000 . The value estimated in 2003 was $200,000.
Capital gain is $300.000 divided by 5 = $ 60,000
My taxable rate is on $30,000.
How much would I pay if my income in BC Canada is $ 35,000 for 2015
Thank you .
Neil

Submitted: 7 years ago.Category: Canada Tax

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Answered in 2 hours by:

3/23/2016

Canadian Tax Expert: Legal Ease, Lawyer replied 7 years ago

Legal Ease, Lawyer

Category: Canada Tax

Satisfied Customers: 148,401

Experience: Lawyer

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This is not possible to work out because I cannot know what deductions, tax credits etc you will have.

But as a general ballpark figure you can use this calculator. It is likely you will owe somewhat less.

http://turbotax.intuit.ca/tax-resources/canada-income-tax-calculator.jsp

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