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Maggie bought a house which was quite a dump in 1991 for $75,000. She fixed it up with paint and wallpaper but in 1996 she did a major renovation which cost $50,000. In 1995, she bought a dump of a cottage for $35,000 because it was both on a lake and near some good cross-country ski trails. She winterized it immediately for $10,000. Over time, the dumpy cottage has become quite attractive with the addition of a new roof, siding, windows and doors all of which cost $15,000 in 1995. In addition, she is fond of landscaping and has created quite a beautiful garden. I might add that Maggie has only $40,000 in RRSPs since she prefers to sink her money into her living space.
Problem a. Maggie's house increases in value at about 3% a year from 2008 and she sells it in 2019. How much is her taxable capital gain on the house ignoring real estate commissions?
Problem b. Maggie's cottage also increases 3% a year in value. If she also sells it in 2019 in order to buy a bed and breakfast, how much is her taxable capital gain?
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