My_question_is: Canadian-specific
Subject: selling property
Expert: taxman at centa.com
Date: Monday June 05, 2006
Time: 09:17 PM -0700
QUESTION:
My father has 80 acres of farm land that has been annexed by the city of
Edmonton. He wishes to sell it. Can you recommend an individual or type of
service he should consult in order to plan the sale to minimize taxes. The
land is very much in demand for housing or commercial development. Thank
you
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david ingram replies:
The best treatment he can hope for is capital gains which means that one
half of the gain is taxable.
This would apply if he had been farming the land for a long time, bought it
as a farm to farm, etc.
In addition, the sale of an "active farm is tax free for up to $500,000 of
profit per owner.
You mention your father but it is possible that if your mother is deceased,
she could have had up to $500,000 tax free herself.
The above does not apply to farmland which was rented out or farmed on a
sharecrop basis.
I am sorry, but I do not have a recommendation for an Edmonton accountant.
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