Even if you don’t have a capital gain or loss, you still have to report the proceeds of disposition every time you sell a capital property. Complete Schedule 3 to determine what you need to report. This form has eight different sections devoted to different types of capital property, and it helps you calculate your capital gains to report on line 127 of your income tax return.
Please click here for Dos and Don’ts: CCA for Rental Property
A recapture of capital cost allowance (CCA) can occur when the proceeds from the sale of depreciable rental property are more than the total of both:
If you have recapture of CCA (the amount in column 6 – undepreciated capital cost (UCC) after additions and dispositions (column 2 plus column 3... of Area A is negative), enter it on this line.
If you are a co-owner, enter your share of the recapture.
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