Deemed Disposition

by Tax Guy - Burlington Accountant on February 1, 2010 Print This Post Print This Post

In certain circumstances property held by a taxpayer can be deemed to be sold even if no actual transaction has taken place. Disposition occur upon death, gifting of property, change in use of property, or on the cessation of Canadian residency.

Other examples include:

  • Transfer of securities from a non-registered account to an RRSP.
  • Converting a principal residence to a rental property.

About The Tax Guy...

Dean Paley CGA CFP is a Burlington accountant and financial planner who services individuals and business owners locally, nationally and internationally. Dean has appeared in the National Post, Toronto Star and Metro News.

To find out more, visit Dean's website Dean Paley CGA CFP or connect via Twitter @DeanPaleyCGACFP.

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