Chandler purchased his home in 2010 and his cottage in 2012. In 2014, he disposed of both the home and the cottage. The home has a capital gain of $75,000, whereas the cottage has a capital gain of $50,000. Chandler is wondering what is the best way to deal with the Capital Gains for his two properties. After considering the formula for calculating Principal Residence exemptions, please indicate what is the amount of Capital gain that Chandler can not be exempt from being taxed on?

Answer rating: 100% (QA)

To calculate the capital gains exempt from taxation using the Principal Residence Exemption PRE form... View the full answer