In 2000, Ms. Boisvert became a homeowner, acquiring a residence in Halifax at a cost of $135,000. In 2011, she was transferred by her employer to Winnipeg. She rented accommodations in Winnipeg and rented the Halifax residence. Ms.
In 2000, Ms. Boisvert became a homeowner, acquiring a residence in Halifax at a cost of $135,000. In 2011, she was transferred by her employer to Winnipeg. She rented accommodations in Winnipeg and rented the Halifax residence. Ms.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
In 2000, Ms. Boisvert became a
homeowner, acquiring a residence
in Halifax at a cost of $135,000. In
2011, she was transferred by her
employer to Winnipeg. She rented
accommodations in Winnipeg and
rented the Halifax residence. Ms.
Boisvert elected to be deemed not
to have converted the property to
an income producing use. She did
not claim CCA on the property
during the period that it was rented.
In July of 2023, after 24 years of
ownership, she sold the Halifax
house for $207,000. She had
decided she would not return to
Halifax. What is the minimum
gain that she must include in her
income for 2023?
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