If you are a farmer and you sell land in 2020 used principally in a farming business that includes your principal residence, only part of the gain is taxable. You can choose 1 of 2 methods to calculate your taxable capital gain. These 2 methods are explained in Guide T4002, Self-employed Business, Professional, Commission, Farming, and Fishing Income, the RC4060, Farming Income and the AgriStability and AgriInvest Programs Guide, and the RC4408, Farming Income and the AgriStability and AgriInvest Programs Harmonized Guide.
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