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1994年2月22日 · If the property is non-qualifying real property, enter the amount from column 4, Chart B of Form T664, or column 4, Step 2 of Form T664 (Seniors). Otherwise, enter "0" – Blank space for dollar value
- Overview
- Non-arm's length transactions
- Grants, subsidies, and other incentives or inducements
- Example
- Disposing of a building in the year
- Note
- Calculation A – Land and building disposed of in the same year
- Calculation B – Land and building disposed of in different years
- Changing from personal to rental use
- Selling your rental property
On this page:
The following topics will help you determine the capital cost of your rental property in certain situations.
When you acquire rental property (depreciable property) in a non-arm's length transaction, there are special rules for determining the property's capital cost. These special rules do not apply if you acquire the property because of someone's death.
You can acquire depreciable property in a non-arm's length transaction from:
•an individual resident in Canada
•a partnership with at least one partner who is an individual resident in Canada
•a partnership with at least one partner who is another partnership
If you pay more for the rental property than the seller paid for it, calculate the capital cost as follows:
When you get a grant, subsidy, or rebate from a government or a government agency to buy depreciable property, subtract the amount of the grant, subsidy, or rebate from the property's capital cost. Do this before you enter the capital cost in column 3 of Area B or C.
You buy a rental property at a cost of $200,000 ($50,000 for the land and $150,000 for the building) and receive a $50,000 grant. The $50,000 grant is split in a similar way between the land and building. The total cost of the purchase is reduced to $150,000: $37,500 for the land and $112,500 for the building. Enter the reduced capital cost in column 3 of Area B or C.
For more information, go to Interpretation Bulletin IT-273, Government Assistance – General Comments.
In this case, you can include the amount in your rental income or you can deduct the amount from the capital cost of the rental property. You may get an incentive from a non-government agency to buy depreciable property. For example, you may receive a tax credit that you can use to reduce your income tax payable.
If the purchase price of your property was reduced due to poor quality or for other reasons, go to Income Tax Folio S3-F4-C1, General Discussion of Capital Cost Allowance, for more information about how to calculate your capital cost.
If you disposed of a building in the current tax year, special rules may apply making the proceeds of disposition an amount other than the actual proceeds of disposition. This happens when you meet both the following conditions:
•you disposed of the building for an amount less than both its cost amount, as calculated below, and its capital cost to you
•you, or a person with whom you do not deal at arm's length, owned the land the building is on, or the land next to it, which was necessary for the building's use
To calculate the cost amount:
•if the building was the only property in the class, the cost amount is the undepreciated capital cost (UCC) of that class before you disposed of the building
•if more than one property is in the same class, you have to calculate the cost amount of each building as follows:
If a building acquired in a non-arm's length transaction was previously used for something other than producing income, the capital cost of the property will need to be recalculated to determine the cost amount of the building.
If you disposed of a building under these conditions, and you or a person with whom you do not deal at arm's length disposed of the land in the same year, calculate your deemed proceeds of disposition as shown in Calculation A.
If you or, a person with whom you do not deal at arm's length, did not dispose of the land in the same year as the building, calculate your deemed proceeds of disposition for the building as shown in Calculation B.
Usually, you can deduct 100% of a terminal loss, but only 50% of a capital loss. Calculation B makes sure you use the same percentage to calculate both a terminal loss on a building and a capital loss on land. As a result of this calculation, you add 50% of the amount on line 5 to the actual proceeds of disposition from the building.
Calculation A – Land and building disposed of in the same year
1. FMV of the building when you disposed of it
$ Blank space for dollar value
Line 1
2. FMV of the land just before you disposed of it
+ $ Blank space for dollar value
Calculation B – Land and building disposed of in different years
1. Cost amount of the building just before you disposed of it
$ Blank space for dollar value
Line 1
2. FMV of the building just before you disposed of it
$ Blank space for dollar value
If you bought a property for personal use and then changed the use to a rental in your rental operation in the current tax year, there is a change in use of the property. You need to determine the capital cost of the property at the moment of this change.
If the fair market value (FMV) of a depreciable property (such as equipment or a building) is less than its original cost when you change its use, the amount you put in column 3 of Area B or C is the FMV of the property (excluding the land value if the property includes land and a building). If the FMV is more than the original cost of the property when you change use, use the following chart to determine the amount to enter in column 3.
If you sell a rental property for more than it cost, you may have a capital gain. List the dispositions of all your rental properties on Schedule 3, Capital Gains (or Losses). For information on how to calculate your taxable capital gain, see guide T4037, Capital Gains.
If you are a partner in a partnership that has a capital gain, the partnership will allocate part of that gain to you. The gain will show on the partnership's financial statements or in box 151 of your Slip T5013, Statement of Partnership Income. Report the gain at line 174 of Schedule 3.
Every time you change the use of a property, you are considered to have sold the property at its fair market value and have immediately reacquired the property for the same amount. You have to report the resulting capital gain or loss (in certain situations) in the year the change of use occurs.
1994年2月22日 · In most cases, if you filed Form T664 or T664 (Seniors ), you are considered to have sold your capital property at the end of February 22, 1994, and to have immediately reacquired it on February 23, 1994. The ACB of your property on February 23, 1994, depends on the type of property for which you filed an election. For example, if you filed an ...
53. The value of consideration for real property is the amount to be paid for the property by a purchaser before any calculation of tax and rebate. Where a vendor charges an amount that is a tax-included amount, the amount must be adjusted for tax to determine the value of consideration for GST/HST purposes.
2024年1月23日 · Special rules may affect a capital gain or loss when capital property is transferred. Gifted property is considered to have been sold at its fair market value (FMV), but special rules may apply if a selling price is more or less than the FMV. Transfers to a Canadian corporation or partnership, and the sale or transfer of farm or fishing property.
Other transfers of property. If you give capital property as a gift, you are considered to have sold it at its fair market value (FMV) at the time you give the gift. Include any taxable capital gain or allowable capital loss on your income tax and benefit return for the year that you give the gift. If you sell property to someone with whom you ...
