Capital Gains Tax Planning comes up with a lot of questions, especially for anyone selling shares, property, mutual funds, or other capital assets dealing with it for the first time. Here are clear answers to what we're asked most often.
What's the difference between short-term and long-term gains?
It generally depends on how long the asset was held before sale, with different tax treatment for each.
Can capital losses be set off?
Yes, subject to rules on which type of loss can be set off against which type of gain.
What is indexation?
An adjustment to the cost of acquisition for inflation, applicable to certain long-term assets.
Are there exemptions available on sale of property?
Yes, subject to conditions like reinvestment in another property or specified bonds.
Still Have Questions?
Every business situation is a little different, and Capital Gains Tax Planning is no exception. If your case doesn't fit neatly into the questions above, it's worth getting a second opinion before proceeding.
What You'll Typically Need
- Purchase and sale documents for the asset
- Holding period to determine short-term vs long-term classification
- Cost of acquisition and any improvement costs
- Applicable exemptions or reinvestment options
Need Help With This?
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