Doing Taxes for 2011- Sold Rental Property

[pchi]

I want to get a head start to see if I owe money to the gov't or not. I want to maximize my RRSP contribution to avoid paying any taxes.

For simplicity sakes, I sold a rental property for $100,000 capital gain. I know capital gain is taxed at half. So when I enter my captial gain in, do I just enter $50,000 then or the full amount of $100,000?

[dutchca]

Did you claim CCA on the property? If so, you may have to pay marginal rate on that portion.

You may also need to break the proceeds and your adjusted costs base down between the land and building.

If you have no idea what I am talking about, time to consult a pro.

[sierra112]

Right on....it's too complicated to deal with in a discussion forum
See a tax preparer or accountant

[jedi1648]

I want to get a head start to see if I owe money to the gov't or not. I want to maximize my RRSP contribution to avoid paying any taxes.

For simplicity sakes, I sold a rental property for $100,000 capital gain. I know capital gain is taxed at half. So when I enter my captial gain in, do I just enter $50,000 then or the full amount of $100,000?

You enter the $100,000 (capital gain), while the TAXALBE capital gain is $50,000.