When to report a gain or loss

You report the disposition of capital property in the calendar year (January to December) you sell, or are considered to have sold, the property.

Regardless of whether or not the sale of a capital property results in a capital gain or loss, you have to file an income tax and benefit return to report the transaction (even if you do not have to pay tax). This rule also applies when you report the taxable part of any capital gains reserve you deducted in 2021.

Topics

• Do you own a business?
• Member of a partnership?
• What records do you have to keep?

Completing your Schedule 3

Your capital gain or loss is reported on the Schedule 3. To find out where and how to report your capital dispositions, see Completing schedule 3.

Forms and publications

• Guide T4037, Capital Gains
• Income Tax Package
• Form T2091(IND), Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust)
• Schedule 3, Capital Gains (or Losses)

Related topics

• Principal residence and other real estate
• Lines 12599 and 12600 – Rental Income