When do you have a capital gain or loss?
Usually, you have a capital gain or loss when you sell or are considered to have sold capital property. The following are examples of cases where you are considered to have sold capital property:
- You exchange one property for another.
- You give property (other than cash) as a gift.
- Shares or other securities in your name are converted.
- You settle or cancel a debt owed to you.
- You transfer certain property to a trust.
- Your property is expropriated.
- Your property is stolen.
- Your property is destroyed.
- An option that you hold to buy or sell property expires.
- A corporation redeems or cancels shares or other securities that you hold (you will usually be considered to have received a dividend, the amount of which will be shown on a T5 slip).
- You change all or part of the property's use.
- You leave Canada [see Leaving Canada (emigrants)].
- The owner dies (see What to do when someone has died).
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