Do I Pay Capital Gains Tax When Selling a Second Property in British Columbia?

This answer covers the law of British Columbia.

Possibly, and it mostly depends on how you used the property and how long you owned it. A second property generally cannot shelter its gain the way a family home can, because you can designate only one home as your family's principal residence for each year from 1982 onward.

Some situations change the picture. If you switch a home to rental use, you are considered to have sold it at fair market value, and gains for years it was your principal residence stay exempt while gains for other years are reportable. Property owned for fewer than 365 consecutive days before sale is deemed business income rather than a capital gain, with exceptions for life events such as death, relationship breakdown or involuntary job termination. If you were not a Canadian resident for the entire time you owned it, contact the CRA, because that may reduce or eliminate the exemption.

In British Columbia, the buyer, not you, is liable for property transfer tax and for filing that return. How your gain is calculated, what rate applies and how it is reported depend on your facts, so confirm the details with an accountant or lawyer before you sign a sale contract.