Canada Tax
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Answered in 14 minutes by:
1/16/2022
Lev, Tax Advisor
Category: Canada Tax
Satisfied Customers: 64,302
Experience: Taxes, Immigration, Labor Relations
VerifiedIn Canada you generally have a capital gain or loss whenever you sell, or are considered to have sold, capital property.
Capital property – includes any property which, if sold, would result in a capital gain or a capital loss. You usually buy it for investment purposes or to earn income. Capital property does not include the trading assets of a business, such as inventory. Securities you hold for investment purposes are capital properties.
The cost of a capital property is its actual or deemed cost, depending on the type of property and how you acquired it.
Thus, if your corporate investment account holds investment assets - and these assets are transferred to another investment account - neither gain nor loss would be realized.
However, if you sell these assets before transferring the money to another account - the sale transaction will result with the gain or loss which may affect your tax liability.
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