ARCHIVED - 1995 General Income Tax Guide
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ARCHIVED - Line 254 - Capital gains deduction
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You can no longer claim a capital gains deduction for gains realized after February 22, 1994, other than qualified small business corporation shares and qualified farm property. However, if you owned capital property or eligible capital property at the end of February 22, 1994, and you have not used up all of your $100,000 capital gains exemption, there is a special election that may be available to you. This election will allow you to report a capital gain that accrued before February 23, 1994, so that you can benefit from the unused part of your $100,000 capital gains exemption. For more details, contact us, or get the income tax guide called Capital Gains and the package called Capital Gains Election Package. These publications have the information and forms you will need to determine and calculate your deduction.
- Date modified:
- 2002-02-04