Shaelene’s Tax Tip of the Week – August 21

Usually, if you sell personal-use property at a loss, you can’t claim the loss. The exception is for “listed” personal property; which generally increases in value the longer you hold on to it. This includes Canadian cultural property (i.e. national treasures), stamps, coins, works of art, jewelry, rare books, folios, and manuscripts. These sorts of losses can be carried back three years, or forward for seven, and used to reduce the gain on the sale of other listed personal-use property.

Have questions? Give us a call at 905-571-2665.