Question

We(me and my wife) have no income and I got capital gain 103000 for the year 2023. I fill tax joint with spouse. How much tax on it?

Forum|Forum|2 years ago
July 13, 2023
1 reply
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Hello,

You can calculate your capital gains by the following:

Total proceeds - Adjusted Cost Base (ACB)

Generally you are taxed on 50% of the capital gains you receive. You can find more information here:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/you-calculate-your-capital-gain-loss.html

Hope this helps!