How much of the break depends on the value of the property and the age of the owner. When you sell you must pay a tax on the profit you make. The conveyancer must hold back one third of the sale price to cover the capital gains tax. An accountant will determine the tax payable and the remainder of the holdback will be paid to you after the tax is computed and collected. You may avoid the holdback by allowing enough time for the conveyancer to apply for and receive a tax clearance certificate.
Any costs connected with the purchase of the property are deductible from the profit.
Contact Atlin Realty if you have questions that have not been answered.