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)
Each spouse could take up to $ 100,000 of lifetime capital gains free of tax. (moneysense.ca)
Each partner would have $ 250,000 taxable gain and each would be sheltered by the $ 800,000 lifetime capital gains exemption. (business.financialpost.com)