If I sell my property at a loss in Toronto, can it used to deduct gain in MTL?

gimegime wrote: ↑ Say if I dump all my investment in Toronto and invest in MTL real estate, can the loss be used to deduct the gain in Montreal later? Any restrictions?


Thanks.

NO.

gimegime wrote: ↑ Say if I dump all my investment in Toronto and invest in MTL real estate, can the loss be used to deduct the gain in Montreal later? Any restrictions?


Thanks.

Yes, capital losses can be carried forward to deduct against future capital gains. Location where the loss/gain occurred is irrelevant.

Thank you very much!

We are thinking to move now. Toronto is not suitable for living any more.

negotiater wrote: ↑ Yes, capital losses can be carried forward to deduct against future capital gains. Location where the loss/gain occurred is irrelevant.

Yes..You will be able to carry forward any capital loss to future capital gain.

When you say investment do you mean investment property or your primary residence? Remember there is no capital gain or loss on your primary residence.

Since you call it an investment in your opening post the answer about being able to carry forward a loss is applicable but considering that you say you want to sell the property to move, yu can only deduct a loss deductability if either all or part of the property was used as income producing with the income/loss reported annually on your tax return.

gimegime wrote: ↑ Thank you very much!

We are thinking to move now. Toronto is not suitable for living any more.

Au revoir! Bonne chance!

gimegime wrote: ↑ Thank you very much!

We are thinking to move now. Toronto is not suitable for living any more.

Shout back when you find "better" living conditions with 20%+ yoy gains.

gimegime wrote: ↑ Say if I dump all my investment in Toronto and invest in MTL real estate, can the loss be used to deduct the gain in Montreal later? Any restrictions?


Thanks.

Investment property yes, primary property no. Since you don't pay tax on capital gain of primary residence, you can't claim capital loss either. Montreal outpacing Toronto may take a decade or two, if it even happens. Maybe the MTL exchange will reopen up by then.

gimegime wrote: ↑ Say if I dump all my investment in Toronto and invest in MTL real estate, can the loss be used to deduct the gain in Montreal later? Any restrictions?


Thanks.

What about your $3M in mortgages?

gimegime wrote: ↑ Thank you very much!

We are thinking to move now. Toronto is not suitable for living any more.

Quit your trolling. How are you not banned yet.

And if you mean for “living” you cannot have capital gains or losses on principal residence.

gimegime wrote: ↑ Thank you very much!

We are thinking to move now. Toronto is not suitable for living any more.

Funny for me it's the other way around.
Guess grass is always greener somewhere else