Real Estate

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

  • Last Updated:
  • Feb 21st, 2018 7:30 pm
[OP]
Sr. Member
Jan 4, 2013
578 posts
117 upvotes
TORONTO

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

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.
12 replies
Deal Guru
Feb 9, 2009
12344 posts
11187 upvotes
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.
Member
Oct 26, 2007
326 posts
196 upvotes
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.
[OP]
Sr. Member
Jan 4, 2013
578 posts
117 upvotes
TORONTO
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.
Deal Addict
Mar 14, 2006
1887 posts
1743 upvotes
Toronto
Yes..You will be able to carry forward any capital loss to future capital gain.
Deal Addict
Jan 1, 2017
1778 posts
1785 upvotes
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.
Deal Fanatic
Jul 3, 2011
6517 posts
3780 upvotes
Thornhill
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.
Newbie
Mar 8, 2017
91 posts
71 upvotes
gimegime wrote: Thank you very much!

We are thinking to move now. Toronto is not suitable for living any more.
Au revoir! Bonne chance!
Deal Addict
Jul 14, 2002
2601 posts
1218 upvotes
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.
Deal Addict
Feb 9, 2013
1836 posts
991 upvotes
Mississauga
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.
Deal Addict
May 9, 2017
1195 posts
1277 upvotes
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?
Deal Fanatic
Dec 5, 2009
5740 posts
3568 upvotes
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.
Banned
Oct 10, 2016
758 posts
335 upvotes
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

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