Adjusted cost base (ACB) usually means the cost of a property plus any expenses to acquire it. such as commissions and legal fees.
Adjusted cost base (ACB)
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Month: September 2014
What are outlays and expenses used in calculating capital gain and loss
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Outlays and expenses are amounts that you incurred to sell a capital property. You can deduct outlays and expenses from your proceeds of disposition when calculating your capital gain and capital loss. You cannot reduce your other income by claiming a deduction for these outlays and expenses.
Capital loss
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You have a capital loss when you sell, or are considered to have sold, a capital property for less than the total of its adjusted cost base (ACB) and the outlays and expenses incurred to sell the property.
Capital gain
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You have a capital gain when you sell, or are considered to have sold, a capital property for more than the total of its adjusted cost base (ACB) and the outlays and expenses incurred to sell the property.
How does a property qualify to be your principle residence?
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A property must meet all of the following four conditions to qualify as your principal residence for any year: it is a housing unit, a leasehold interest in a housing unit, or a share of the capital stock of a co-operative housing corporation you acquire only to get the right to inhabit a housing unit…
What can be a principal residence?
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Any of the following types of housing units can be a principle residence: