Capital gains
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Capital gains
If you sell a property for more than it cost, you will have a capital gain and possibly a recapture of CCA. List the dispositions of all your properties on Schedule 3, Capital Gains (or Losses).
You will find a copy of this schedule in your General Income Tax and Benefit Guide package. For information on how to calculate your taxable capital gain, see Line 127 - Capital gains.
You may be a partner in a partnership that gives you a Slip T5013, Statement of Partnership Income. If the partnership has a capital gain, it will allocate part of that gain to you. The gain will show on the partnership's financial statements or on your T5013.
Note
You cannot have a capital loss when you sell depreciable property. However, you may have a terminal loss. For an explanation of terminal losses, go to Column 5 - UCC after additions and dispositions.
Forms and publications
- General Income Tax and Benefit Guide - All Provinces Except Non-Residents
- Guide T4002, Business and Professional Income
- Guide T4037, Capital Gains
- Schedule 3, Capital Gains (or Losses)
- Slip T5013, Statement of Partnership Income
Related topics
- Calculating and reporting your capital gains and losses
- Column 5 - UCC after additions and dispositions
- Date modified:
- 2016-01-05