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Chapter 6 - Subset<Listed Personal Property>...

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Sheet1 Page 1 Personal car loan not deductible Capital Gains Subdivision c - Capital vs. an income receipt Last years reserve include in income 375,000 worth of capital gains ACB - defined in 54 & 53 Capital Gains Reserve: LEsser of calculation, over 5 years Income inclusion = prior yearreserve - current Superficial losses get added to cost base, beenfit only when shares are actually sold Can't be a negative cost base or it has to be included in income <Personal "USe" Property> ACB starts at $1,000 anything less is irrelevant losses CRA doesnt care about
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Unformatted text preview: Subset: <Listed Personal Property>- description that is specific- can have losses that can offset gains ITA s41(2) - carried back 3 yrs, forward 7 yrs Principal Residence: could be in a foreign country Stock Dividends: dividend or not? important date 1977 -1985 ABIL is 1/2, applied against any time of income emplyment, business, property, much better than normal capital loss Question 3 - not always sold in the same year ** CCA on car in class 10.1 is limited to 30,000 but have to add PST and GST...
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