Ryan’s Ramble: Episode #53 - Can I offset capital gains tax when selling a second property?
Make sure you know what the capital gains liability may be when selling the second property. A secondary property can be an investment property, cottage that is not the primary place of residence, rentals, recreational properties, etc.
➡️ To find out this answer, talk to the Accountant on your power team! 💪
A sure way to offset capital gains on a secondary property is to make sure it was used as a primary residence. Talk to your lawyer about this further and your accountant for additional advice on how to reduce capital gains.