Sentences with phrase «capital gains deduction»

If you bought the property prior to 1994, you may have already claimed an up to $ 100,000 capital gains deduction on the property.

Any remaining capital losses may then be deducted from other sources of income, subject to a restriction based on the total capital gains deduction that has been claimed over the years.

Shares of a public corporation do not qualify for the enhanced capital gains deduction.

Each individual is entitled to a lifetime cumulative capital gains deduction of $ 824,17637.

Prior to 2014, a property used in a combination of farming and fishing could qualify for the lifetime capital gains deduction only if it was used principally (generally interpreted as 50 % or more) in one of those activities.

This can provide flexibility in the payment of dividends to different family members; a structure to minimize taxes paid by your family unit; multiple access to the qualified small business capital gains deduction (see topic 136); and some creditor - proofing for cash presently accumulated in your company.

If you have shares of a corporation that is a «qualified small business corporation» (QSBC)(see topic 136) or an interest in a farming or fishing operation (see topics 137 and 138), there may be opportunities to utilize the $ 824,176 QSBC or $ 1 million qualified farming or qualified fishing33 capital gains deduction.

With the elimination of the $ 100,000 capital gains deduction on other property, your CNIL is only relevant if you have a gain from the disposition of qualified farming or fishing property or a share of a qualified small business corporation.

On the plus side, the capital gains deduction will increases to $ 800,000 starting in 2014 and will be indexed to inflation thereafter.

Teachers, education advocates and House Democrats have launched a renewed push since the teacher work stoppage began on Monday for the Legislature to pass a bill that would eliminate the state's capital gains deduction.

Small business owners will also welcome the rise in the capital gains deduction to $ 800,000 starting in 2014, after which it will be indexed to inflation.

On the plus side, the capital gains deduction will increases to $ 800,000 starting in 2014 and will be indexed to inflation thereafter.

Subject to certain conditions, if you sell or transfer a qualified farm property, you can take advantage of a capital gains deduction with respect to the capital gain on the sale or transfer.

Looking to take full advantage of your capital gains deduction?

You've come to the right place for the necessary information Looking for a capital gains deduction?

There are further adjustments when the taxpayer previously claimed the capital gains deduction with respect to the property disposed of (see topic 135).

Qualified fishing property is also eligible for the enhanced lifetime cumulative capital gains deduction limit to $ 1 million, effective for dispositions of qualified fishing property after April 20, 2015.39 Similar to the rules for farm property and small business shares, the available capital gains deduction will be reduced by the amount of capital gains deductions claimed on other property.

The capital gains deduction can be claimed with respect to three types of property: qualified small business corporation shares (see topic 136), qualified farm property (see topic 137) and qualified fishing property (see topic 138).

The $ 100,000 capital gains deduction for other capital property (other than the three types listed above) was eliminated on February 22, 1994.

If the property was purchased before February 1994, some or all of this gain may have been eligible for the capital gains deduction.

Investment income doesn't include taxable capital gains, although capital gains that can not be sheltered by the capital gains deduction reduce the impact of the CNIL account.

Capital gains reserves included in income will be eligible for the capital gains deduction if the property is a share of a QSBC, a qualified farm property or a qualified fishing property (see topics 136, 137 and 138).

The amount of capital gain that is eligible for the capital gains deduction may be affected by the balance in your cumulative net investment loss (CNIL) account (see topic 149) and if you have ever claimed an allowable business investment loss (ABIL)(see topic 142).

Tax tip: The capital gains deduction is not available to a non - resident of Canada.

The cumulative net investment loss (CNIL) rules are intended to prevent individuals from reducing their income by claiming investment losses, such as rental losses, interest expense and other carrying charges, and subsequently recouping the losses by selling the underlying investment and then not paying any tax on the resulting gain by using the capital gains deduction.

The maximum capital gains deduction available on the disposition of QSBC shares will be reduced by the amount of QSBC or other capital gains deductions previously claimed on any property.

Shares of a qualified small business corporation (QSBC) continue to qualify for the capital gains deduction.