Hello Folks!
I'm quite alone in the world and would really appreciate any insight or guidance you may be able to offer.
Here goes, I bought a home 11 years ago in North Winnipeg and it has been rented out for about 7 of those years, now I'm thinking of selling.
I had bought the house as an investment with the idea of selling it when I'm older so that I would have some funds to live from, I'm doing charity work in India for over 10 years and have always lived on very little.
As crazy as this sounds, I came to to know about something called capital gains tax and I'm concerned about having to pay a large portion of a sale towards capital gains tax. This is the only property I own and it's not worth very much... maybe 300k.
I may have come across some info that seemed to indicate that it could be smart for me to return to the house and live in it for some time before selling it in order to mitigate the capital gains tax I would have to pay but I have no idea about this.
Can some kind and insightful soul please lend some much needed perspective? I'd really appreciate it