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dhowlett88
April 30, 2022
Question

I sold a boat for $500. but CRA said the minimum personal capital gain to enter is $1000.?

  • April 30, 2022
  • 1 reply
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    1 reply

    P
    PURPLE91
    February 11, 2023

    According to Canada Revenue Agency (CRA), If the proceeds of disposition are less than $1,000, the proceeds of disposition are considered to be $1,000.

    However, if both the Adjusted Cost Base (ACB) and the proceeds of disposition are $1,000 or less, you do not have a capital gain or a capital loss.
    Do not report the sale on Schedule 3 when you file your income tax and benefit return.

    For more information visit: Personal Use Property, proceeds of disposition.

     

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