Capital gains taxes, first introduced in 1972, are charged on the difference between what you paid for an asset – for example, a stock, and what you sold it for.

You are not required to pay capital gains when you sell your principal residence for more than you paid for it.

However, you may be required to pay the tax on other properties you own including rental units and vacation homes. Capital gains tax is charged at a rate of 66.67 per cent. Consult with your lawyer or accountant since each home property seller and each property sold is a unique situation.