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Question

How to show I sold a rental property and invested the capital gains in buying a coach home (which serves as my principal residence and has a legal rental unit attached)?

Forum|Forum|2 years ago
May 1, 2023
1 reply
0 views

The capital gains were $160K and the purchase value of the legal rental portion of the coach house is $450K. Hence I am hoping I don't have to pay any capital gains taxes for 2022. Am I correct in my understanding and if so, how do I report this transaction in the Intuit Turbotax software?

Unfortunately Canada does not allow tax free re-investment of investment gains so you will have to report the sale and pay the capital gains for it.