How to report sale of foreign property to CRA

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redrosepro
Posts: 10
Joined: Mon Feb 03, 2020 1:22 pm

How to report sale of foreign property to CRA

Post by redrosepro »

I used to declare a foreign property in my T1135 in earlier years. I sold that property in 2022. There are no capital gains from that sale, because the adjusted cost base is equal (or more) than the sale price.
I have cash in my bank accounts in lieu of the sale, and I’ll be reporting that cash using t1135.
Question is , should i report the sale transaction and if so, how?
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nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: How to report sale of foreign property to CRA

Post by nelsona »

You should still report it as a capital loss, under the category it would be if it were a Cdn property.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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