Did you know?

Usually if you sell personal-use property at a loss, you can’t claim the loss.

The exception is for “listed” personal property: property which generally increases in value the longer you hold on to it. This includes Canadian cultural property (ie, national treasures), stamps, coins, works of art, jewelry, and rare books, folios, or manuscripts.

These sorts of losses can be carried back three years, or carried forward for seven, and used to reduce the gain on the sale of other listed personal use property.

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