Do you pay Capital Gains Tax on Sale of Sub-Divide Land

[Christian Ferreira]

Hello Everyone,

I recently purchased a property that has land with enough frontage on a side street to legally sub-divide into a build-able lot. Still deciding if I want to build something or just sell the lot. 

My question is:
If I have been living at the property for over 2 years and I sub-divide the lot and decide to sell, will I be capital gains tax exempt? 

Interested to hear everyone's thoughts. 

Thanks!

Christian