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Canadian Capital Gains Tax
Juanita Said:Canada CRA Individual Tax Reporting of Capital Gains?
We Answered:No dividends are considered income as they are earned by owning not selling the security. How they are reported by you depends if they are Canadian or foreign. If they are Canadian you would report on schedule 4 and claim the dividend tax credit on line 425 of schedule 1. This information would be reported on either a T5 or T3 and it would state whether they were eligible or regular dividends. Foreign dividends and foreign tax withheld would be reported as foreign income.
Stock options can be considered capital gain loss/loss if the same method is all ways used for tax purposes. If the option is exercised it is not considered a sale there for no transaction is considered to have taken place and the cost of the option would be added to your adjusted cost base or premium received would be used to lower your adjusted cost base. All capital transactions are reported on schedule 3.
Ashley Said:Uk tax treatment of canadian capital gains dividend?
We Answered:Iwould say the Capital Gain dividend would be classed as Income. I beleive Canada has a double-taxation relief agrrement with us so you only pay UK tax if the Canadian W/H tax hasn't come up to your UK tax level. I.E you are only liable to the equivalent UK tax.You don't pay tax twice.
Tracey Said:TurboTax H&B how do I deduct capital gains tax paid to Canada on a condo that was sold?
We Answered:turbotax asks you if you have foreign income. you should reply "yes" since you had capital gains on canadian property. it would then ask you if you had tax withheld, or paid foreign taxes.
you would only receive the foreign tax credit if you reported the foreign income on your tax return.
if you received some kind of foreign income exclusion, you may not be entitled to the foreign tax credit.
Dwayne Said:Does anyone know if under the Canadian income tax system capital gains can be carrid over from one tax year to
We Answered:Realized capital gains need to be reported in the year in which they are realized. So if you sold a property for a capital gain in 2006 it has to be reported on your 2006 income tax return.
Capital LOSSES can be carried forward or backward, depending on what works best for the client.
Margaret Said:How does Canadian capital gains tax work in this scenario?
We Answered:>>any provision which allows the owner to not incur capital gains tax if he reinvests the funds in another project within two years?
This is a US law. Ignore it.
Your question omits the most important information. Is this building bought by an individual (sole proprietorship) or a corporation?
For an individual, all income is lumped together on the individual's tax return and bracket, including cap gain.
Since you don't indicate the individual's other income, it's not possible to know what tax bracket (s)he is in. As well, you don't factor in expenses, such as mortgage interest, property taxes, utilities, etc, which are all deducted from income.
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