If you sell your house for a profit which is a capital gain should you be taxed on that as regular income?

The resident is in the 31.15% tax bracket, so pays 15.575% tax on th capital gain. Capital gains tax = $186.90.

$373.80 Ontario's tax rates and income thresholds for 2010 is... 9.15% on taxable income greater than $37,106 and less than or equal to $74,214 Federal tax rates and income thresholds for 2010 is... 22% of taxable income greater than $40,970 and less than or equal to $81,941 So, 31.15 % of $1200 is $373.80 And 31.15% of $600 is $186.90 Only 1/2 of the capital gain is taxable! Fred S was right but didn't explain the inclusion rate of 1/2 http://www.cra-arc.gc.ca/E/pub/tg/t4037/...

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