Mr. Jerry Haggard owns a house in Calgary, as well as a cottage in Canmore. He purchased the house in 2009 for $186,000. The cottage was purchased in 2012 for $105,000. During December, 2020, both properties are sold, the house for $263,000 and the cottage for $197,000.

He has lived in the Calgary house during the year, but has spent his summers in the Canmore cottage. Both properties would qualify as his principal residence for the years of ownership.

Determine the minimum capital gain that he must report on the 2020 sale of the two properties if he was to apply the principal residence designation in the most advantageous manner to reduce this individual income tax liability.

Show your final answers as follows:

Final answers after applying the principal residence designation & reduction in the most advantageous manner:

Minimum capital gain on Calgary house = $

Minimum capital gain on Canmore cottage = $