Adjusted cost base (ACB)

Adjusted cost base (ACB) usually means the cost of a property plus any expenses to acquire it. such as commissions and legal fees.

Capital loss

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. Save on taxes from business losses

Capital gain

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. What percentage of capital gains is taxable? Tax on interest, dividends, and capital gains Certificate of compliance is…

How does a property qualify to be your principle residence?

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…