By the sounds of it this land sat vacant over the years; this makes it ineligible for the farm lifetime capital gains exemption, as well. (moneysense.ca)
Well here's some good news: the government likes to encourage small business, so they're willing to give you a one - time $ 800,000 capital gains exemption when you sell. (moneysense.ca)
That the principal residence capital gains exemption is hugely overrated and the stock market has beaten housing as an investment over the past 25 years. (moneysense.ca)