Question 3 chapter 7: 5 marks

You and your spouse are retiring in 2020. You are selling the family home and cottage and are moving into a new home. Details of the home and cottage sales are as follows:

	Year Purchased	Proceeds of Sale	ACB
Family home	2005	$800,000	$380,000
Cottage	1994	$550,000	$50,000

Real estate and legal fees on the sales amounted to $42,000 on the family home and $25,000 on the cottage, respectively

Required:

Compute the minimum taxable capital gain to be reported for tax purposes for 2020.