Questions about this
How is capital gains tax calculated in Saskatchewan?
Take the sale price, subtract what you paid, your capital improvements and your selling costs. Half of what is left is added to your income for that year and taxed at your marginal rate. There is no separate capital gains rate in Canada.
Do I pay capital gains on an inherited house?
The estate is treated as having acquired the property at its value on the date of death, so only the gain from that date to the sale is taxable. Selling promptly usually means very little gain. Get a written valuation as of the date of death.
Is there capital gains tax on my own home?
Normally no. The principal residence exemption covers the home you live in, though you still report the sale on your return for that year.