cost of $40,000. In all subsequent years, he has spent at least a portion of the year living in each under the designation that you have recommended. Mr Stewart Simms has lived most of his life in Vancouver. In 1996, he purchased a three bedroom bome near English Bay for $125.000. In 2001, he acquired a cottage in the Whistler ski area at a of the two locations. When he is not residing in these properties they are left vacant. On October 1, 2020, Mr. Simms sells the English Bay property for $515,000 and the cottage at Mr Simms wishes to minimize any capital gains resulting from the sale of the two properties. Required: Describe how the residences should be designated in order to accomplish Me Simms goal. In addition, calculate the amount of the taxable capital gain that would arise Assignment Problem Eight - 7 (Principal Residence Designation) Whistler for $320,000