Capital gains or loss are defined as selling capital property. The Government of Canada defines this by the following criteria:
- You exchange one property for another.
- You give property (other than cash) as a gift.
- Shares or other securities in your name are converted.
- You settle or cancel a debt owed to you.
- You transfer certain property to a trust.
- Your property is expropriated.
- Your property is stolen.
- Your property is destroyed.
- An option that you hold to buy or sell property expires.
- A corporation redeems or cancels shares or other securities that you hold (you will usually be considered to have received a dividend, the amount of which will be shown on a T5 slip).
- You change all or part of the property’s use
- You leave Canada
- The owner dies
Calculating capital gain involves subtracting the total of your property’s Adjusted Cost Base (ACB) and any outlays and expenses added or incurred to sell your property. Calculating capital gain can be further explained or assisted by our experienced staff at Dely & Associates.
Another benefit of having a registered retirement savings plan is the ability to also register for a lifelong learning plan (LLP). Withdrawing up to $10,000 per calendar year from your RRSP allows you to finance your own training or education for yourself or your spouse or common-law partner. This LLP cannot contribute to financing the training or education of your child, or that of your spouse or common-law partner’s child. To qualify for an LLP, you must also be a Canadian citizen, and enroll in a qualifying educational program or training program at a legitimate institution. To see if you qualify for an LLP or if you need help with a financial plan for an LLP, our experts at Dely & Associates can assist you in all steps of the process.
Why hire Dely & Associates?
Need help with accounting services for your business? Let the experts at Dely & Associates help you.
- To eliminate errors while saving you time, money, and stress.
- To assist with all finance-related work.
- To retain a trustworthy source of support.
- To help you make better business decisions.
- To give you guidance while planning for the future.
- To save you tax.
- To help you avoid audits.
- To facilitate CRA compliance.
Get a personal consultation.
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