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Personal use property sale
Last year I purchased an older snowmobile, not running for $2000.00. I paid a business $2,900.00 to repair it, plus HST of $260 on the purchase. Later in the year I sold it for $5,500.00. So I made $340 on it, do I need to claim capital gains on this vehicle?
February 6, 2023
11:56 AM
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Troubleshooting
Yes. If both the adjusted cost base (ACB) of the property and the proceeds of disposition are more than $1,000, you need to report the sale.
February 6, 2023
1:53 PM
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Troubleshooting
Probably not. You can only claim capital expenditures as part of your ACB – things that would improve the asset. Maintenance and repair costs can’t be included in the ACB.
February 17, 2023
1:16 PM