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Capital Gain

 

 

The sellers must pay tax on 50% of the net profit gained from proceeds of sale of their investment property to

the government as the Capital Gain .

The primary residence is not subject to the Capital Gain so if you have more than one property the government

would consider the non residing property as rental or investment property so they might be subject to

the capital gain once they are sold and 50% of the net profit will be added to your income for that year, the

followings are the Federal and Provincial tax rates for the 2008 tax year.

 

 

   BC Personal Income Tax Brackets and Rates - 2008 Tax Year

Taxable Income - 2008 Brackets

Tax Rate

$0 to $35,016

5.35%

$35,016.01 to $70,033

8.15%

$70,033.01 to $80,406

10.50%

$80,406 .01 to $97,636

12.29%

Over $97,636

14.70%

 

 

 

       Federal tax rates for 2008 are:

  • 15% on the first $37,885 of taxable income, +
  • 22% on the next $37,884 of taxable income (on the portion of taxable income between $37,885 and $75,769), +
  • 26% on the next $47,415 of taxable income (on the portion of taxable income between $75,769 and $123,184), +
  • 29% of taxable income over $123,184.

             Basic Personal Exemption $ 9600.00

 

 

 

 

 

 

 

 

 

 

 

 

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