Calculate Your Capital Gain Taxes
Whether you're selling an investment property or a secondary residence, understanding your capital gains is crucial for financial planning. Our easy-to-use calculator helps you estimate your gains, taxable amount, and tax payable in just a few clicks.
Effective June 25th, 2024, capital gains tax in Canada for individuals will realize 50% of the value of any capital gains as taxable income for amounts up to $250,000 + any amount above $250,000 will realize capital gains of ⅔ or 66.67% as taxable income.
Capital Gains Calculator
- Important: A primary residence also known as a principal residence is not subject to capital gain taxation. Learn more about what is considered to be a principal residence in Canada.
- (a) Original Purchase Price: The price you paid when you originally bought this property.
- (b) Outlays & Expenses: These are amounts that you incurred to sell a capital property (e.g., chalet, income property). You can deduct outlays and expenses from your sale proceeds when calculating your capital gain or loss. These types of expenses include fixing-up expenses (renovations), commissions, brokers' fees, surveyors' fees, legal fees, transfer taxes and advertising costs.
- (c) Selling Price: Known as "proceeds of disposition", it's the amount you received or will receive for your property. In most cases, it refers to the sale price of the property. This could also include compensation you received for property that has been destroyed, expropriated, or stolen.
- (d) Marginal Tax Rate: The tax rates in Quebec range from 14% to 25.75% of income and the combined federal and provincial tax rate is between 26.53% and 53.31%. Quebec’s marginal tax rate increases as your income increases so you pay higher taxes on the level of income that falls into a higher tax bracket. To learn more about marginal tax rates, please visit Revenu Québec's website.
Disclaimer
The results provided by this calculator are for informational purposes only and are not intended to serve as official tax advice. We recommend consulting with a qualified accountant or tax specialist to confirm your capital gains and tax obligations, as individual circumstances may vary.