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Mr T would like guidance with his dilemma. He owns a house in Toronto, which is in his name. He purchased the house in 2006 for $170,000. The house is now worth $450,000. His wife owns a cottage in Muskoka, which is in her name. She purchased the cottage in 2008 for $50,000. The cottage is now worth $200,000. Prior to 2006, neither Mr or Mrs T owned any properties. Mr and Mrs T were married in 2011. Mr T is being transferred to Vancouver BC. Therefore, he and his wife have decided to sell both the home and the cottage in December 2020.
Required:
Explain the rules to Mr and Mrs T with respect to the tax implications arising from the disposal of the properties.
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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