I have sold a rental property in Aug 2020 and purchased 2 in the same year. One in May 2020 and one in Nov 2020. Can I show that the funds were used as a down payments?
I have sold a rental property in Aug 2020 and purchased 2 in the same year. One in May 2020 and one in Nov 2020. Can I show that the funds were used as a down payments?
No. There is no way to do this. Where you got the funds to buy your new properties doesn't matter to the Canada Revenue Agency (CRA). And what you do with the proceeds of selling your old property doesn't matter to them either, so long as you pay any capital gains tax that you owe because of the sale.
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.
Sign In
Canada (English)
EN
