Capital Gains tax on sale of Real Estate holding - Rollover - Not likely

My question is: Canadian-specific

QUESTION: Hi this question is regarding capital gains tax.
My wife and I formed a numbered company with my parents and bought a holding property a few years back for $800,000. We sold it this summer for $1,600,000. We used the sale amount and re-invested it in a 1/3 share of a franchise hotel just being built.
My question is can we re-invest the capital gains and principal into a new entity without being taxed?
If not, what is the best route to go so that we get taxed the least?
My wife and I also just sold a condo(personal and not part of the company) we had bought a couple years ago for a $116,000 profit.
We are looking at about $516,000 in gains this tax year. please advise on how we can avoid paying as much tax as possible thanks.

david ingram replies:

The company owes capital gains tax.  There is no rollover provision in Canada at this time unless the property is expropriated for the public good by a level of government for a road, hospital, parking lot for a library or even a park.  

The $116,000 gain on he house is not taxable as described.

The only easy method of cancelling tax for your gains within the company would be to buy flow through shares or a mutual fund of flow through shares. 

Talk to a senior financial advisor like Fred Snyder (604) 731-8900 or Dan Walkow (604) 541-9952

You can listen to Fred (and get answers to your financial questions) every Sunday morning from 9:00 to 10:30 AM on CHBD radio in Vancouver  600 on the AM dial -  If you are not in the Lower Mainland of BC, you can listen live on the internet at -- (the last four Sunday shows are archived on the site and available to listen to 24 hours a day so you can replay that answer to a question until you do get it).