I am trying to sell a second home now.
Are you hearing the sound of silence or is the market really picking up like the Liberals claim?
My understanding is that the tax is on the gain, but, of course, you have to make over the income threshhold.
For example, if you are single and making $175,000 a year and sell a second home for $100,000 profit, you owe nothing. If you are single making $225,000 and sell your second home for $100,000 profit, you’ll pay $3800 in addition to any other capital gains tax you might pay.
And I am not a tax professional and this is not tax advice.