The money for the cabin will be received over 4 year period - do we have to include this in the 2014 tax return. We did not receive any money in 2014.
Yes...You will report the disposition and the resulting capital gain on your 2014 return. However, as the proceeds were not paid in the year, you will claim a capital gains reserve to spread the gain over the 4 year period . For more info, please 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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