Tax Tip Of The Week – November 14th

Did you know?

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

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