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Question - AJ acquired her house in 2011( held for 9 years)for $150,000 and her cottage in 2015(held for 5 years) for $100,000. Due to a rise in real estate prices, she has decided to sell both properties and backpack around the world for two years. Both properties were sold in October of 2020. AJ received proceeds of $375,000 for the house, and $250,000 for the cottage.
Calculate the minimum taxable capital gain that AJ will report for her house and her cottage on her 2020 tax return. Show all calculations, identifying the taxable capital gain for each property.
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