I sold my rental property in the UK in feb 2017 and it shows capital gains of -$2170 (so assuming this is a loss?). Can this offset what I have to pay out?
01537
1 Replies
TurbotaxRobert
Level 2
Oct 30, 2019 10:30:14 AM
The amount calculated, if shown with a - sign, does in fact reflect a loss. For tax purposes, in Canada, net capital losses can only be applied to taxable capital gains and they cannot be used to offset other income.