Posted 4/4/2021 16:46 (#8933810 - in reply to #8933625) Subject: RE: Farm sale -359 acres -$10.7 mil. cdn-sold
ryan elias - 4/4/2021 15:13
What would be Ontario and Federal taxes be for selling out? $4 million???
I'm mid 40s so I'm a long ways of finding out but I think I'd be paying 38% on the total
Depending a lot on his business setup ....just for example sell $10m -- purchase price $3m = $7 m capital gains , and if set up right with his wife $2 m capital gains exemption =net $5m capital gain with 1/2 being taxed $2.5 m x 12% = $300k ...........now on speculative land tax rate is 40% so need a good lawyer/acc't and calculator