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Capital gain/loss
- 当你卖掉出租房的时候，你要计算Capital gain/loss 并且要在你卖掉出租房的那一年claim你的Capital gain/loss。
- 如果你有capital gain, 你计算税的时候是 50%*capital gain*your marginal tax rate.
- Capital gain/loss = Proceeds of disposition - outlays & expenses incurred to sell your property - adjusted cost base (ACB)
Calculate adjusted cost base (ACB):
- Start with the purchase price of the property. Plus legal fees, property inspection fees, registration fees, land transfer tax, and etc.
- For example:
o You bought a rental property in January 2010 for $200,000 (Assume land value = $40,000 (20%) and building value = $160,000 (80%) )
o Legal fees including registration fees, etc. = $1,000
o Property inspection fees $ 400
o Land transfer tax $1,500
- 计算第一年的 ACB = 200,000+1,000+400+1,500 = 202,900
allocate between land and building:
Land ACB = 202,900 * 40,000/200,000 = 40,580
Building ACB = 202,900 * 160,000/200,000 = 162,320
o land and building的ACB需要填写在你的income tax return 里。
o the purpose of allocating between land and building is because land is considered non-depreciable asset, ACB of land 是不可以take amortization expense的, 相反building 就可以。
- ACB 的balance 会增加如果有一些addition/capital during the year，比如说你今年改造了你的rental property, 在房子旁边加建了一个车库。这个建车库的费用是应该treated as capital expenses and therefore increase ACB balance.
- 当你卖掉出租房的时候，你要计算Capital gain/loss 并且要在你卖掉出租房的那一年claim你的Capital gain/loss。
- 如果你有capital gain, 你计算税的时候是 50%*capital gain*your marginal tax rate.
- Capital gain/loss = Proceeds of disposition - outlays & expenses incurred to sell your property - adjusted cost base (ACB)
Calculate adjusted cost base (ACB):
- Start with the purchase price of the property. Plus legal fees, property inspection fees, registration fees, land transfer tax, and etc.
- For example:
o You bought a rental property in January 2010 for $200,000 (Assume land value = $40,000 (20%) and building value = $160,000 (80%) )
o Legal fees including registration fees, etc. = $1,000
o Property inspection fees $ 400
o Land transfer tax $1,500
- 计算第一年的 ACB = 200,000+1,000+400+1,500 = 202,900
allocate between land and building:
Land ACB = 202,900 * 40,000/200,000 = 40,580
Building ACB = 202,900 * 160,000/200,000 = 162,320
o land and building的ACB需要填写在你的income tax return 里。
o the purpose of allocating between land and building is because land is considered non-depreciable asset, ACB of land 是不可以take amortization expense的, 相反building 就可以。
- ACB 的balance 会增加如果有一些addition/capital during the year，比如说你今年改造了你的rental property, 在房子旁边加建了一个车库。这个建车库的费用是应该treated as capital expenses and therefore increase ACB balance.
