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I sold my US property in 2013 and I incurred a loss on the

Customer Question
sale of the house in...
I sold my US property in 2013 and I incurred a loss on the sale of the house in 2013. The money sat in a US account until 2015. In 2015 I converted the money which was $320,000.00 US to CDN funds to purchase a house in Canada. IT converted to $401,400.00 CDN in March of 2015. I am not sure how to record the currency gain on 2015 T1 Schedule 3 for CRA. I am self employed so my return is due tomorrow. Also I have been carrying the loss of the property from 2013 which I am hoping I can use to offset this currency gain?
Submitted: 1 year ago.Category: Canada Tax
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Answered in 2 days by:
6/17/2016
Canadian Tax Expert: annelew12554, Master Tax Preparer replied 1 year ago
annelew12554
annelew12554, Master Tax Preparer
Category: Canada Tax
Satisfied Customers: 2,439
Experience: I am an EA in US tax, and have been preparing Non Resident tax returns for over 10 years.
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Hi

I'm Anne. I've been preparing taxes for 28 years and I'll be happy to help you.

The following is from

http://docs.quicktaxweb.ca/ty10/english/text/en/common/topics/taxline_t1_127.html

Foreign currencies

Foreign exchange gains or losses from capital transactions of foreign currencies (that is, money) are considered to be capital gains or losses. However, you only have to report the amount of your net gain or loss for the year that is more than $200 . If the net amount is $200 or less, there is no capital gain or loss and you do not have to report it on your income tax and benefit return. Report your net gain or loss in Canadian dollars. Use the exchange rate that was in effect on the day of the transaction.

Additionally, because your home is considered personal property, you are not allowed to clam the loss. Please see below:

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/127/rsdnc/dspsng/menu-eng.html

I see that you requested an answer by 06/15/2016. We do our best to accommodate customer requests, but every now and then the research takes a little longer than most. We do our absolute best to honor every customer request, and if you did make an error on your taxes, you are allowed to file an amendment in order to correct it.

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