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Questions and Answers
Assuming Michel's cottage is sold after his death, what will be the taxable capital gain?
Assuming Michel's cottage is sold after his death, what will be the taxable capital gain?
- $600,000
- $800,000
- $300,000 (correct)
- $150,000
What will be the tax bill on the principal residence inherited by Michel's spouse?
What will be the tax bill on the principal residence inherited by Michel's spouse?
- $157,500
- $245,000
- $332,500
- $0 (correct)
If Michel had purchased the cottage for $500,000 instead of $350,000, what would be the tax bill upon his death?
If Michel had purchased the cottage for $500,000 instead of $350,000, what would be the tax bill upon his death?
- $180,000
- $135,000
- $157,500 (correct)
- $101,250
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