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Hi, I have a property up for sale. My accountant figured II’ll have a $70k capital tax bill to pay if it sells.
At the moment, I’m down about $100k in my portfolio (from my original investment) I’m wondering if I sold everything that is non-registered and create a loss, can I use that loss to offset the capital gain from the property? It wont be all the $100k because some of that is in TFSA and RRSP.
I just which I’d thought of this about a month ago when I was down a lot more.
Thank you for any replies.
Yes you can create a capital loss by selling your non registered investments, the loss of which, which can be used to offset the property capital gain. Just remember you must wait 30 days before repurchasing identical investments.
 

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What is the nature of the property? If it is personal use property you may want to premptively investigate, before selling any stocks, whether losses from your investment account can be used against personal use property gains. I don't definitively know the answer but I do know that personal use property losses cannot be used against investment gains, but the sale nevertheless must be reported to CRA. ( I have recently sold, at a small loss a piece of personal use property).

TaxTips.ca - Capital Gains and Losses
Completely incorrect. Gains on personal use property can be offset by capital losses on sale of investments. Example- a few years I had a large capital gain on the sale of a personal use property (vacation condo). Capital losses on the sale of some investments helped cushion the tax bite.
 
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