[johnsjmc]

I,m not in Toronto market either As I see your situation you have depreciated the building for several years now so on sale you will have a significant recapture ,which will be taxed as a capital gain . say you sell for $280 and its undepreciated value is 180 you will owe capital gains on 100 . 100/2 =50 which is added as income to your taxes in the year you sold. I am not an accountant so you might have some other deductions (I vaguely recall a 100k deduction in the 80s (Mulroony years) which you might be able to use if you properly reported it at the time or other rules to apply speak to your tax preparer.