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capital gains

  1. Declaring T5008 for two years at once

    Taxation
    Hi forum, I have the following T5008 forms: - For 2018, showing $1500 loss; - For 2019, sowing $1000 gain. I did not declare my T5008 last year, because it was showing a loss. My main question is, can I declare both T5008 now (for tax declaration of 2019) so that in total a loss of $500 is...
  2. Capital Gains

    Real Estate
    Hello, I am married and own a home. My wife lives with me, but is not on the title of the home that we live in. I also bought a preconstruction condo which will be closing in about a month. My wife has been on maternity leave for the past 10 months so her income for this tax year is...
  3. Do I pay capital gain tax if co-owner leaves on a mutual release of rental property?

    Taxation
    I have a rental property with a friend who decided to take money out of the house (me and him on the title). So I decided to buy him out. We signed a mutual release that for 80K he is transferring his interest of the property to me and my spouse (now we are on the title as joint tenants)...
  4. Tenants in common for a rental property - affecting income tax or capital gain

    Taxation
    If I own a rental property with my wife and we put 80% shares of ownership to my wife in the title (tenant in common), can we get income tax and/or capital gain tax benefit providing she has low or no yearly income. If i show 20% of the rental income under me, can I put all cost related to the...
  5. Declare both capital gain and capital loss for same stock?

    Taxation
    Hi All, I sold some bank stocks back in October and realized some capital gains. I then repurchased the same stocks shortly afterwards (early November), but the prices have dropped since then. Is it possible to sell them at a loss now (late December) to reduce the capital gains realized earlier...
  6. Foreign Exchange Tax Implications

    Taxation
    I am wondering how to account for foreign exchange fluctuations when converting USD to CAD. I have money in a USD from when I worked in the US several years ago. At the time, the USD was not as strong and I paid Canadian and US income taxes on the income. Since then, the money has sat in a...
  7. RRSP vs. Non-registered account for frugal people

    Taxation
    I want to know, out of curiosity, is it true that, unless one plans to retire less than 20 years after entering the job market, it is always a bad idea to have an RRSP for tax purposes if you save the vast majority of after tax income? That is, it is bad even if your income is > $220, 000? Let...
  8. Transfering stock from one person to another

    Taxation
    Hi can someone please help me with the below. My friend purchased some stock for me under her investment account. I.e. X number of Shares of ABC. I now have my own investment account and would like to transfer those shares to me. I know the obvious way to do that is for her to sell it and for...
  9. Where do file taxes on capital gains made in Canada? –> Swiss resident

    Taxation
    Hi everyone, I currently have some savings in my Swiss bank account that I`d like to invest with a robo-advisor (like wealthsimple). I figured that this would be a good investing option for now, because I: a.) will get a better return on my investment with wealthsimple than with my bank, and...
  10. Forgotten foreign exchange gain / loss over last few years

    Taxation
    Newcomer to the community looking for some guidance. Just realized that over last few years I have not been counting my foreign exchange gains / losses. I was previously unaware that >$200 gain/loss has to be reported to CRA. Have submitted all tax returns without ever mentioning this. Would...
  11. Designate US property as "Principle Residence'

    Taxation
    I currently own a condo in the states, I bought it in an area where prices were depressed in 2011, for a sum in the low $100k range. I conservatively value it at double what I paid for it. I also currently own a home in 'joint tennancy' with a family member in eastern Canada. Which is in the...
  12. Capital Gains Treatment or Business Income as a Professional Investor

    Taxation
    I was hoping to get some clarification on what my Accountant considers a “grey area” with Canada Revenue Agency (CRA), with respect to CRA's application of Capital Gains treatment for people buying and selling stocks with some frequency. After reading articles and bulletins online explaining...
  13. Renting out my house because it won't sell - deemed disposition HELP

    Taxation
    Hi everyone, Last summer my family and I moved into a new bigger house but just couldn't sell our old house! We used 2 realtors, hired a professional photographer and had the house for sale for about 8 months. (We were also trying to rent the house at this time) After paying 2 mortgages for...
  14. Capital Gains / Losses on Shares Sold by Beneficiary

    Taxation
    My google chi is failing me tonight. Maybe someone out there can help me on this one. I'm trying to determine the book value for shares distributed out of an estate to a beneficiary. When a person dies, any shares held in a cash account, are considered sold as of the date of death (deemed...
  15. Leveraged investing - taxation question

    Taxation
    I took out a HELOC to invest in stocks that pay dividends. I took $30,000 and invested in 3 different stocks. I finally sold one of them and I have capital gains of $450. I want to buy another stock now. Do I have to invest the $10,450 to have the interest from my 30k loan be entirely tax...
  16. Selling a rental property that was my principle residence for 17 years

    Real Estate
    I own a duplex that was my principle residence for over 17 yrs. I moved out of it about a year ago when I bought a new home. I have continued to rent both units out and now I am thinking of selling the property but fear I will be taxed heavily on capital gains if I sell can any one explain how...
  17. cashing out gains on leveraged investment - how to calculate amount to pay down LOC

    Taxation
    Scenario: Let's say on January 1, 2010, I borrowed from a line of credit $8,000 and invested in 800 shares of a stock at $10/share. Since that time, a deduction was claimed on the interest payments associated with the revolving balance of the LOC. The LOC of credit was used to fund other...
  18. Selling Toronto condo - hidden costs and taxation

    Real Estate
    Hello all, I would really appreciate expert advise before a big decision and here is my situation: August 2009 I bought a 1 bedroom condo (first time buyer). I lived in it until Feb 2011 when I moved in with my fiancee. At that time I got a tenant to rent it out. Today I would like to sell it to...
  19. How to account for currency exchange in capital gains calculations?

    Taxation
    I participate in an employee stock purchase plan, in which a portion of each paycheque goes to purchasing company stocks at a discount. What makes this complicated is that my company is based in the US, and trades on the NYSE. So the paycheque deductions are being converted to US dollars at some...
  20. Divorce, Splitting Assets, Capital Gains?

    Taxation
    A family member is getting divorced and several real estate properties are being split. As one ex-spouse assumes one house and the other ex-spouse assumes the other, how are capital gains handled? For instance, they jointly own a house worth $300k. One person is buying the other person out for...
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