Question
4. Phoebe lives in Cornwall full time but also has an apartment in Kanata, Ontario where she stays on the nights that the Ottawa Senators
4. Phoebe lives in Cornwall full time but also has an apartment in Kanata, Ontario where she stays on the nights that the Ottawa Senators play (she has season tickets). After a few devastating seasons, she decides to give up on the Senators and become a Habs fan, buying a condo downtown Montreal instead. She loves the Habs so much she decides to leave Cornwall and move to Montreal permanently. Explain how she would be taxed for the following:
a. Selling her Kanata condominium
b. Selling her Cornwall home
Using the facts scenario in question 5, provide Phoebe with tax advice on how she could avoid tax consequences from selling her Kanata condo
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started