Quote:
Originally Posted by Dime_On_Flames
Sorry I guess I should have been a little more clear. It's an investment company that syndicates the land to individual owners as undivided interest. Each land owner receives their individual land title in their own name.
It is undeveloped land so it is not considered a residence.
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Pretty sure I know what company you're talking about.
TFSA is irrelevant to this. Your TFSA is simply an investment account in which you do not have to pay any taxes (realized gains or income) on any of the securities held in it. Obviously you could take the proceeds from your land investment, put them in your TFSA/RRSP/cash account and invest. That's the only way a TFSA is relevant here. But I digress.
You will have to pay capital gains tax, there's really no way around it. But like ^ is saying, you can offset your capital gains with any realized capital losses from the past few years (I think it's 3) if you have any. And yes 50% of the gain is taxed at your rate.