capital gains on real estate?

If this is your principle residence, then there is no capital gains to report. But if you live in one house, and you are flipping another house, then there is capital gains to report on the flipped house.

You may want to double check with an Accountant in Alberta to see if there is any provincial matters to consider.

The way I handle capitol gains is: I have incorporated a business name in the State of Nevada (Most protective of their business's and low taxation) If you are not incorporated then to fix a house and resale it for profit will put you around a 30-40% tax bracket. If you incorporate and conduct your business including titling, buying/sale your properties you will only be taxed 15% on what you don't re-invest. Explain: I sale a property with a $40,000 profit through my corporation, I re-invest $35,000 in a new investment. I am only taxed 15% on $5000. So what ever money you have left in your corporate account that was not re-invested is what you get taxed 15% on.

Traditional without a corporation. $40,000 profit taxed $16,000

Corporation Profits $40,000 taxed $6000 but if you re-invest say $30,000 taxed $1500 (only taxed on 10,000 @ 15%)

I have no specific knowledge of Candaian Tax Code, but if something similar to a 1031 exchange exists that is usally the way to go