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New Member
posted Mar 29, 2021 5:13:18 AM

What is taxable capital gain?

I have sold my property in another country and transferred it to Canada. Should I have mentioned in my tax forms?

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2 Replies
Level 5
Mar 29, 2021 10:29:51 AM

A capital gain is when you sell investments like stocks and bonds or real estate holdings like land and buildings for more than you paid, and with the extra portion being added to your regular income, you have to declare the additional income as a capital gain. A Taxable capital gain is the portion of your capital gain that you have to report as income on your income tax and benefit return, you are taxed on a percentage which is referred to as the inclusion rate and that rate is currently 50%.

 

For more information on capital gains, see the links below:

TurboTax - Capital Gains Tax in Canada 

 

Level 2
Apr 17, 2021 8:13:03 AM

When you sell an investment or real estate and as a result of this transaction there is a profit (disposition price is higher than the acquisition price) you are liable to report this income as a capital gain. According to the taxation act, the capital inclusion rate is 50%

 

If you immigrate to Canada and become a resident, you will be liable to report the disposition and re-acquisition of any property that was held at the time you become a resident.

 

For more information, please visit the following link: Capital Gains – 2020 

 

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