Selling Property - Adjusted Cost Base

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Apr 28th, 2021 2:49 pm

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Apr 28th, 2021 9:38 am

ZSupraZ [OP]: Jr. Member; Jun 20, 2005; 170 posts; 21 upvotes; Toronto

Apr 28th, 2021 9:38 am

Selling Property - Adjusted Cost Base

Hi,

Are the following applicable to the adjusted cost base on the sale of a rental property:

-Land transfer tax paid
-CMHC fee that was added to mortgage (was supposed to be a principal residence)
-Lawyers fees on sale
-Realtor commissions on sale

Thanks!

2 replies

Apr 28th, 2021 9:54 am

senasena: Deal Addict; Feb 19, 2019; 1235 posts; 1741 upvotes; Stouffville ON

Apr 28th, 2021 9:54 am

1 and 2 are added to the acb.
3 and 4 are selling costs, the net result is the same but it's not added to your acb.

That's assuming this was investment property from day 1.

Full Time and Full Service Realtor

+2

Apr 28th, 2021 2:49 pm

seatiger: Sr. Member; Mar 30, 2017; 857 posts; 556 upvotes

Apr 28th, 2021 2:49 pm

senasena wrote: ↑ 1 and 2 are added to the acb.
3 and 4 are selling costs, the net result is the same but it's not added to your acb.

That's assuming this was investment property from day 1.

yea, 100% correct. In reality nobody not even cra cares how you classify it as long as the capital gain is correct.

profit on 6/23/2021 = 117.61% since 11/10/2020 to be exact😎

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