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Capital GainsCapital Gains
The primary residence is not subject to the Capital Gains tax so if you own a property and you live in it you don't have to be worry about the Capital Gains tax but if you have more than one property the government would consider the non residing property as a rental or investment property so that property might be subject to the Capital Gains tax, once you sold your investment property 50% of the net profit will be added to your income for that year, for instance if you bought a property for $ 200,000 5 years ago and now you sell it for $ 300,000 that $ 100,000 profit must be reported as the Capital Gains once you file your income tax and half that amount ( $ 50,000) is taxable.
50% of the $100,000 profit is taxable as income on your tax return, and how much tax you pay will depends on your tax bracket or marginal tax rate if you have other income in the year. The tax is payable upon filing your tax return of the year (12 months ending Dec 31 for individuals), with filing deadline being Apr 30 of the following year.
If you have any question about the Capital Gains Tax you should consult your Tax Attorney
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