Canadian Tax and
Financial Information
Listed Personal Property

Ads keep this website free for you. does not research or endorse any product or service appearing in ads on this site.  Before making a major financial decision you  should consult a qualified professional.

Looking for US tax information?

Need an accounting, tax or financial advisor? Look in our Directory.      Stay Connected with!

What's New
Personal Tax
Sales Taxes
Free in 30!
Financial Planning
Real Estate
Stocks Bonds etc.
British Columbia
Atlantic Provinces
Federal Budget
Provincial Budgets
Statistics etc.
Site Map
Advertise With Us
Contact Us/About Us
Links & Resources

Glossary  -> Listed Personal Property

Listed Personal Property

Income Tax Act s. 3(b)(ii), s. 41(2) & (3), s. 54, s. 152(6)(b)

Listed personal property (LPP) is a type of personal-use property which usually increases in value over time, including stamps, coins, works of art, jewellery,  and rare books, folios or manuscripts.  Capital cost allowance cannot be claimed on listed personal property.

If you have LPP which you purchased for more than $1,000, and you sell the property for more than you paid, you will have a capital gain to report on your tax return.  The deemed cost of LPP purchased for less than $1,000 is $1,000.  If you have LPP which you purchased for $800, and you sell the property for $1,300, your capital gain will be $300.  The capital gain from LPP can be reduced by capital losses carried forward, even if they are not from LPP.

If your LPP is certified Canadian cultural property (national treasures) which you have sold or donated to an institution or public authority designated by the Minister of Canadian Heritage, you will not have to report a capital gain.

If you sell the property at a loss, the loss can only be used to reduce the gain from the sale of other LPP.  It cannot be used to reduce other capital gains or other income.  The loss can be carried back 3 years or carried forward 7 years to be used to reduce the gain from the sale of other LPP in those years.

Capital gains from LPP are reported on Schedule 3 of the personal tax return.  If you have a net loss from LPP in the year, Canada Revenue Agency (CRA) indicates that there is no need to report this on the personal tax return.  However, make sure you keep track of these losses so that you can apply them to gains from LPP in future years.

For corporations, capital gains and losses from LPP are reported on Schedule 6 of the T2 corporate income tax return.  If there is a net loss, this is reported on Schedule 4, Corporation Loss Continuity and Application.

Canada Revenue Agency (CRA) Resources

Listed Personal Property

Selling or Donating Certified Canadian Cultural Property

T2 Corporation Income Tax Guide (T4012), other Guides, T2 return and schedules - T4012 includes corporate tax treatment of LPP

Revised: September 19, 2017


Copyright © 2002 Boat Harbour Investments Ltd. All Rights Reserved.  See Reproduction of information from

Facebook  | Twitter  |  Google + |  Monthly Newsletter Sign-up  What’s New E-mail Notification RSS News Feed
The information on this site is not intended to be a substitute for professional advice.  Each person's situation differs, and a professional advisor can assist you in using the information on this web site to your best advantage. 
Please see our legal disclaimer regarding the use of information on our site, and our Privacy Policy regarding information that may be collected from visitors to our site.