Capital gain – you have a capital gain when you sell, or are considered to have sold, a capital property for more than the total of its adjusted cost base and the outlays and expenses incurred to sell the property.

Capital loss – you have a capital loss when you sell or are considered to have sold, a capital property for less than the total of its adjusted cost base and the outlays and expenses incurred to sell the property. 

Generally, when you inherit property, the property's cost to you is equal to the deemed proceeds of disposition for the deceased. Usually, this amount is the Fair Market Value (FMV) of the property right before the person's death 

Kindly see below additional information:

Canada Revenue Agency (CRA): Property you inherit or receive as a gift 

Canada Revenue Agency (CRA): Capital Gain 

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