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Understanding the 1994 capital gains tax election
– moneysense.ca
Q. I built my cottage in 1992 and did not know about the CRA T664 (election of claim eliminating capital gain up to $100,000 for future increase in value). I knew nothing about this for income purposes at the time; can I still make a claim?
Also, who determines fair market value (FMV)—do you just look at comparable properties yourself and pick one? Do you get a real estate agent to assess it?
–John
A. It sounds like you have done some research on this capital gains exemption, John, or at least received a bit of advice from someone. I will tell you right off the bat that there seems to be a slight misunderstanding about how the exemption works.
Form T664 was a tax form used to make an Election to Report a Capital Gain on Property Owned at the End of February 22, 1994. Prior to that date, there was a $100,000 capital gains exemption that applied generally to capital property like cottages, rental properties, stocks, mutual funds and similar capital assets. The federal government ended the exemption at that time, but still allowed an exemption of $500,000 for qualified small business corporation shares and qualified farm property (now $883,384 and $1,000,000, respectively, in 2020)…
Also, who determines fair market value (FMV)—do you just look at comparable properties yourself and pick one? Do you get a real estate agent to assess it?
–John
A. It sounds like you have done some research on this capital gains exemption, John, or at least received a bit of advice from someone. I will tell you right off the bat that there seems to be a slight misunderstanding about how the exemption works.
Form T664 was a tax form used to make an Election to Report a Capital Gain on Property Owned at the End of February 22, 1994. Prior to that date, there was a $100,000 capital gains exemption that applied generally to capital property like cottages, rental properties, stocks, mutual funds and similar capital assets. The federal government ended the exemption at that time, but still allowed an exemption of $500,000 for qualified small business corporation shares and qualified farm property (now $883,384 and $1,000,000, respectively, in 2020)…
Tips & Tricks for Investing After Losing Your Job Due to an Injury
– investitwisely.com
You are home and laid up after a work accident, and expect that you will be so for a while. You’ve always been intrigued by investing and are wondering how you can learn how to invest, now that you have some downtime to look into it. Thankfully, your workers’ compensation is paying and you have not depleted your nest egg, so you feel you have a bit of money to play with.For small or first-time investors, there is a host of options available online. This article will suggest an approach to first-time investments, introduce you to a few online investing opportunities, and help you get started investing with as little as $500.
How to Invest After Losing Your Job
The first tip is to start small. Only “play with” an amount of money you can afford to lose entirely. If you do happen to lose it, consider it the price you have paid for an education in investing.
Many beginning investors start with as little as $500, and that amount gives you access to many online investment platforms.
The second tip is, do not invest funds you need for another purpose, such as your child’s college fund, your emergency fund, or the money you need for next week’s groceries…
