Sharon Sutherland owned a home in Toronto, Ontario, a ski chalet in Whistler, British Columbia, and a condominium in Florida, U.S., until June 15, 2022, when she sold all three properties and moved into a seniors’ residence. She provides the following information with respect to the properties: please do not provide solution in image format thank you! Minimun taxable capital gainYear2013201420152016201720182019202020212022b. For each of the years listed, indicate which property is designated as a principal residence. (Choose "N/A" whenever "Property" isnot applicable.)Property$N/AN/AN/AN/ACondoHomeChaletHomeCondoN/A25,000 PropertyHomeCondoChaletNumber of years ownedYear acquired201620172019For the years that Sharon owned each property, she ordinarily inhabited it at some time in the year. She tended to spend the winter inFlorida, the summer in Toronto, and the fall in Whistler.Gain per yearRequired:a. Determine the minimum taxable capital gain to be reported by Sharon on the sale of the three properties. (Enter all amounts aspositive numbers.)ProceedsAdjusted cost baseGainCost$400,000200,000300,000Principal residence exemptionCapital gainTaxable capital gainSelling price (net of commissionand other selling costs)$ 460,000245,000336,000$$HOME438,00022,000$11,000 $CONDO6222,00023,000 $11,500 $CHALET331,0005,0002,500

It is a tax benefit available to Canadian residents who own a home. The PRE allows an individual to…

Answered: Sharon Sutherland owned a home in…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Sharon Sutherland owned a home in Toronto, Ontario, a ski chalet in Whistler, British Columbia, and a condominium in Florida, U.S., until June 15, 2022, when she sold all three properties and moved into a seniors’ residence. She provides the following information with respect to the properties:

please do not provide solution in image format thank you!

Minimun taxable capital gain
Year
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
b. For each of the years listed, indicate which property is designated as a principal residence. (Choose "N/A" whenever "Property" is
not applicable.)
Property
$
N/A
N/A
N/A
N/A
Condo
Home
Chalet
Home
Condo
N/A
25,000

Property
Home
Condo
Chalet
Number of years owned
Year acquired
2016
2017
2019
For the years that Sharon owned each property, she ordinarily inhabited it at some time in the year. She tended to spend the winter in
Florida, the summer in Toronto, and the fall in Whistler.
Gain per year
Required:
a. Determine the minimum taxable capital gain to be reported by Sharon on the sale of the three properties. (Enter all amounts as
positive numbers.)
Proceeds
Adjusted cost base
Gain
Cost
$400,000
200,000
300,000
Principal residence exemption
Capital gain
Taxable capital gain
Selling price (net of commission
and other selling costs)
$ 460,000
245,000
336,000
$
$
HOME
438,000
22,000
$
11,000 $
CONDO
6
222,000
23,000 $
11,500 $
CHALET
331,000
5,000
2,500

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