Oh and keep in mind Toronto has this "Property Tax Rebate for Vacant Commercial and Industrial Buildings"
The city is working on getting rid of it.
But there are short-term vs long-term Federal Capital Gains Tax to be paid on real estate profit for properties held less than 2 years
There's no such thing as "short term" or "long term" capital gains tax. For a corporation, profits are profits and get taxed as profits regardless of how they're made, and the owner plays the same capital gains tax rate when the corporation is sold/dissolved regardless of what the business does. If the property is owned by a person (WonMak Inc. doesn't sound like a person), then the property is taxed as a sole proprietor business (i.e. self-employment income taxes) if it's held for less than one year. If the property is owned for more than 365 days, then it pays a lower tax rate since it's taxed as capital gains (without corporate taxes applied beforehand), but again, that doesn't apply to properties owned by a corporation.