Non-superficial losses

In certain situations, when you dispose of capital property, the loss may not be considered a superficial loss. Some of the more common situations include the following:

  • You are considered to have sold the capital property because you became or ceased to be a resident of Canada.
  • You are considered to have sold the property because you changed its use.
  • You disposed of the property and within 30 calendar days after the disposition you became or ceased to be exempt from income tax.
  • The property is considered to have been sold because the owner died.
  • The disposition results from the expiry of an option.
  • The property is appropriated by a shareholder on the winding up of a corporation.
  • Non-depreciable capital property is disposed of by a corporation, partnership, or trust. In this situation, although the loss is not added to the adjusted cost base of the transferred property, it is not claimed immediately but its recognition is deferred pending the occurrence of certain events. For more information, call 1-800-959-8281.
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