A non-resident of Canada purchases a $2 million commercial property in Alberta. In addition to regular land transfer tax, what additional tax obligation might they face?
Correct Answer
D) An additional foreign buyer tax depending on provincial regulations
While Alberta does not currently have a foreign buyer tax, several provinces have implemented additional taxes on foreign buyers. Non-residents should be aware that provinces may impose additional taxes beyond standard land transfer taxes, and these regulations can change over time.
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A married couple owns two properties: their principal residence worth $800,000 and a cottage worth $400,000. They have designated their principal residence appropriately. If they sell both properties in the same year for gains of $200,000 and $100,000 respectively, what is their total taxable capital gain?
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