Gain on trade in of auto?

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
Canadian Newbie
Posts: 71
Joined: Thu Mar 12, 2015 11:59 am

Gain on trade in of auto?

Post by Canadian Newbie »

Hi all-

I landed in Canada in September 2014. On my accounting for my auto I listed a value of about 3,000. The border folks changed the amount to around 4,000 on the auto import document.

I traded the auto in for another car in Feb 2015. The dealer listed the trade in value as 5,000.

Do I have a gain on the exchange? I hope not. Thanks for your help!
Post Reply