Cavan Biggio sold his condo in Victoria in 2020 for a capital gain of $557,000. He originally purchased the condo in 1,998. In 2017 he sold his chalet in Whistler that he had purchased in 2,005 and used enough years to completely exempt the gain. What is the minimum taxable capital gain that Cavan will report in his 2020 year after he claims whatever exemption is left. Enter your answer in whole numbers, do not use dollar signs or commas.

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.