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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, capital losses can be used to get rid of the capital gain from the property.

The TFSA and RRSP won't help as they don't capital gains. For the non-registered, hopefully you realise that only the investments that are in a capital loss position should be sold. If you sell the entire portfolio then whatever is in a capital gain position is going to increase the capital gains being reported.

Another thing to check is whether you have capital losses from previous years that CRA already knows about on previous tax returns.

If so, these already recorded capital losses can be used without having to sell any of the current investments.


Cheers
 
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