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posted Apr 29, 2022 8:42:11 AM

Sold out property - what date do I use for disposal date - sale date or closing date

I need to report sale of property - do I use the closing date for disposal date?

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Level 4
Apr 30, 2022 7:07:53 PM

Assuming you are reporting Capital Gain/Loss for your property, according to the Canada Revenue Agency (CRA), You have a capital gain when you sell, or are considered to have sold, a capital property for more than the total of its ACB and the outlays and expenses incurred to sell the property.

 

Since from the Canada Revenue Agency's viewpoint your capital gain/loss starts when you sell - the date you should use is the Closing Date.

For more information, check out: Canada Revenue Agency (CRA) - Capital Gain/Loss

 

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