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New Member
posted Feb 6, 2023 11:56:05 AM

Personal use property sale

Last year I purchased an older snowmobile, not running for $2000.00. I paid a business $2,900.00 to repair it, plus HST of $260 on the purchase. Later in the year I sold it for $5,500.00. So I made $340 on it, do I need to claim capital gains on this vehicle?

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3 Replies
Moderator
Feb 6, 2023 1:53:11 PM

Yes. If both the adjusted cost base (ACB) of the property and the proceeds of disposition are more than $1,000, you need to report the sale.

New Member
Feb 15, 2023 7:31:19 AM

Can I claim the shops repair costs as part of the ACB?

Moderator
Feb 17, 2023 1:16:25 PM

Probably not. You can only claim capital expenditures as part of your ACB – things that would improve the asset. Maintenance and repair costs can’t be included in the ACB.