Quote:
Originally Posted by Dime_On_Flames
I'm hoping the braintrust from CP (a very varied and great one) can help me understand capital gains.
My situation is, I invested in some land 5 years ago and it's been put up for sale..FINALLY! This is currently the only investment I have and am still eligible for my first time home buyer tax credit (not sure if that is pertinent information)
Once the land is sold, how much is the capital gains %
Can I protect any of that profit in my TFSA account which has been open for 5 years with nothing deposited as of now?
I look forward to getting schooled on the matter.
Thanks in advance!
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What's the structure of the investment? Are you directly on title? Or is it an LP? I'm assuming you don't live on this land.