Edwin purchased a cottage in Pitt Meadows in 2004 for $87430. He has always lived in Richmond
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Edwin purchased a cottage in Pitt Meadows in 2004 for $87430. He has always lived in Richmond but usually spends a month or two at the cottage each summer. For the rest of the year the cottage is vacant. Edwin purchased a house in Richmond in 2013 and sold it in 2016. At that time, he allocated the optimum number of years of his Principal Residence Exemption to reduce the Taxable Capital Gain (net of Principal Residence Deduction) on the sale of the house to $Nil. In 2021 Edwin sold the Pitt Meadows cottage for $294608.
What is the $ minimum amount that Edwin will record in 3(b) for 2021?
Related Book For
Management Accounting
ISBN: 978-0132570848
6th Canadian edition
Authors: Charles T. Horngren, Gary L. Sundem, William O. Stratton, Phillip Beaulieu
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