Adjusted cost base (ACB) usually means the cost of a property plus any expenses to acquire it. such as commissions and legal fees.
Outlays and expenses are amounts that you incurred to sell a capital property. You can deduct outlays and expenses from your proceeds of disposition when calculating your capital gain and capital loss. You cannot reduce your other income by claiming a deduction for these outlays and expenses.
You have a capital loss when you sell, or are considered to have sold, a capital property for less than the total of its adjusted cost base (ACB) and the outlays and expenses incurred to sell the property.
You have a capital gain when you sell, or are considered to have sold, a capital property for more than the total of its adjusted cost base (ACB) and the outlays and expenses incurred to sell the property.
A property must meet all of the following four conditions to qualify as your principal residence for any year: it is a housing unit, a leasehold interest in a housing unit, or a share of the capital stock of a co-operative housing corporation you acquire only to get the right to inhabit a housing unit…
Any of the following types of housing units can be a principle residence: