Do you own a business?

If you own a business that has a fiscal year end other than December 31, you still report the sale of a capital property in the calendar year the sale takes place.

Example

Milos owns a small business. The fiscal year end for his business is June 30, 2023. In August 2023, he sold a capital property that he used in his business. As a result of the sale, he had a capital gain. Milos has to report the capital gain on his income tax and benefit return for 2023. He does this even though the sale took place after his business's fiscal year end date of June 30.

Forms and publications

Related topics

Page details

Date modified: