We did not receive all the money for the cabin in 2014, some was received in 2015 and some will be received in 2016. Can we split the income received from the sale into the appropriate years?
Yes. This is called a capital gain reserve. You report the capital gain based on proceeds received during the year. Amounts not paid until a subsequent year will be accounted for or reported in the future year when they become payable. or paid. For more info, pleases see http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/127/gns/cptlgn/rsr...
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