Listed personal property (LPP) losses

You have a listed personal property (LPP) loss if, in a particular year, your losses from dispositions of LPP are more than your gains from such dispositions. Applying this type of loss is different from applying other capital losses because of the following reasons:

Because LPP is a type of personal-use property, the capital gain or loss on the sale of the LPP item is calculated the same way as for personal-use property. For more information, see Personal-use property.

If your 2022 gains from dispositions of LPP are more than your 2022 losses from such dispositions, you can use unapplied LPP losses from 2015 and later years to reduce your 2022 gains. If you want to do this, do not enter these losses on line 25300 of your income tax and benefit return. Instead, on Schedule 3, subtract the unapplied LPP losses of previous years directly from your 2022 LPP gains.

If your 2022 losses from dispositions of LPP are more than your 2022 gains from such dispositions, the difference represents your LPP loss for the year. You can use the loss to reduce gains from dispositions of LPP you had in any of the three years before 2022 or seven years after. Keep a record of your LPP losses that have not expired so you can apply these losses against LPP gains in other years. An unapplied LPP loss expires when you do not use it by the end of the seventh year after you incurred it.

To carry back your 2022 LPP losses to reduce your LPP net gains from 2019, 2020, and 2021, complete Form T1A, Request for Loss Carryback, and include it with your 2022 income tax and benefit return. Do not file an amended return for the year to which you want to apply the loss.


Nathan bought some jewellery in 1997 for $5,800. In 2022, he sold it for $6,000. He ended up with a gain of $200. He also sold a coin collection for $2,000 in 2022. Nathan had originally bought this collection in 1999 for $1,700. He ended up with a gain of $300 when he sold the coin collection. In addition, he sold a painting in 2022 for $8,000. However, Nathan bought the painting in 2000 for $12,000. Therefore, he had a loss of $4,000. He had no outlays and expenses for these three transactions.

Nathan's loss from selling LPP in 2022 was more than his gain: his loss was $4,000; his total gain was $500 ($200 + $300). As a result, his net loss was $3,500 ($4,000 - $500). Nathan cannot use the difference to offset his capital gain on the sale of a property other than on LPP in the year. In addition, he cannot offset any income he had from other sources. However, he can apply his LPP loss against his gains from dispositions of LPP in any of the three preceding years or the seven years following 2022.

Nathan should not complete Schedule 3 for 2022. However, he should keep a record of his LPP loss in case he wants to apply the loss against LPP gains in another year.

Completing your Schedule 3

Enter your gains arising from the disposition of listed personal property in the LPP area (section 8) of the Schedule 3. Enter the amount of LPP losses from other years and subtract it from your 2022 LPP gains. Enter the net gain only on
line 15900.

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