|
Glossary -> PropertyPropertyIncome Tax Act s. 248(1)Proposed legislation which originated in 2007 contains a revision to the wording of the definition of property in the Income Tax Act. The Bill containing these proposed revisions, Bill C-10 from 2007, has not received Royal Assent, and thus has not been enacted. However, the Department of Finance in 2011 indicated that this bill is not dead, and is expected to be reintroduced. The wording revision is not intended to change the current application of the definition. Once this Bill has become law (received Royal Assent), the definition of property will be (words in italics are added by Bill C-10): “property” means property of any kind whatever whether real or personal, immovable or movable, tangible or intangible, or corporeal or incorporeal and, without restricting the generality of the foregoing, includes
Investment income is considered property income. Rental income can be considered property income, but rental income can also be classed as business income. Property income is taxed differently from business income. When a loss from property exceeds income from other sources, and cannot be deducted on the current year tax return, it becomes a non-capital loss, and can be carried back to the previous 3 taxation years, or forward up to 20 taxation years.
Revised: July 17, 2018 |
Copyright © 2002 Boat Harbour Investments Ltd. All Rights Reserved. See Reproduction of information from TaxTips.ca Facebook
| Twitter
| Google
+ | Monthly
Newsletter Sign-up
What’s
New E-mail Notification
RSS News Feed |