Is it true that every Canadian gets a $500k Capital Gain lifetime exemption?

I often get asked about this by my clients who own rental properties.  The Lifetime exemption is actually now $1 Million.

Unfortunately this exemption does not apply to rental properties.  It only applies to qualified:

• farm property;
• fishing property; or
• qualified small business corporation shares

For more information, please visit the Canada Revenue Agency’s website.

Posted in: CAPITAL GAINS