This article from CanadaVisa explains tax implications for newcomers to Canada who buy and sell property or businesses.
It highlights two key tax exemptions:
Principal Residence Exemption: If you sell your principal residence, you generally won't have to pay capital gains tax on any profit, as long as the property has been your main residence the entire time you've owned it.
You must identify your principal residence on your tax returns annually.
Lifetime Capital Gains Exemption: This allows individuals to exempt up to $971,190 in gains from the sale of qualified small business corporation shares, farm, or fishing property.
Half of this amount is deducted from taxable income. However, only Canadian tax residents can claim this exemption.
The article also warns newcomers about tax scams and advises consulting reputable tax professionals before making financial decisions.
