Question: how does selling and buying a house affect taxes?
Answer: In the eyes of the CRA, a capital gain is subject to tax, known as a capital gains tax. ... So, if you sold an Ontario property and earned $60,000 profit on the sale, and you earn $30,000 in income per year, you would pay 10.03% on that capital gain—so, approximately $3,000 in taxes would be owed to the CRA.