How do I pay the least amount of capital gains tax in Ontario?

[Matt Andrews]

Hi BP community! 

I'm looking for professional advice from an accountant or tax specialist on how to minimize capital gains tax on a somewhat complicated triplex deal that I purchased 2 years ago in Windsor, Ontario. 

Here are the approximate numbers:

Purchase Price: $170,000

Downpayment: $43,000 (borrowed by refinancing a principle residence)

Mortgage: $127,000 (held in a self-directed RRSP with TD Bank) 

Capital Improvements: $70,000

Annual Rental Income: $39,600 + utilities

Target Sale Price (after realtor fees and legal cost): $330,000 

I am looking at reinvesting the entire $203,000 into a mid-sized apartment building. My question is how do I minimize the tax paid on this $90,000 gain? Is there a program that is similar to the 1021 exchange in the United States for Ontario? I've also got 3 other partners on this particular deal that are not on title (it's in my personal name), and we are splitting the profits. Can I write that off as an expense so that I only pay tax on my portion of the $90,000 gain ($22,500)? 

Any advice in this area for this particular deal and on tax-savings strategies in Ontario would be much appreciated, thanks!