If at any time during the period you owned the property, it was not your principal residence, you will likely pay capital gains taxes when you sell your property. In Canada, your income tax rate determines your capital gains tax rate which ranges between 7.5% to 27%. It varies from province to province and is progressive (the higher the property profits, the higher the rate).
Your capital gains rate can be calculated by adding the income tax rate in each province with the federal income tax rate, and then multiplying by the 50% capital gains inclusion rate. For instance, let's say you live in Ontario and earn $70,000 in salary. if you buy an investment property in Ontario for $500,000 and sell it for $600,000 after holding it for two years (if you sell within a year, you pay extra), your capital gains tax rate will be 18.67% and from your total profit of $100,000, you'll end up paying $18,668 in taxes.