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

[aanddmackenzie@o]

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

[Antomeister]

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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