If you sold or are planning to sell any capital property you have owned since 1994, review your 1994 personal income tax return.
Prior to February 22, 1994, taxpayers had access to a cumulative lifetime capital gains exemption of $100,000. If the $100,000 was not fully used by February 22, 1994, taxpayers were entitled to file a form T664 with their 1994 personal income tax returns. This form enabled individuals to utilize the unused portion of the $100,000 exemption to revalue their capital property on February 22, 1994. Therefore, if you are selling any property you have owned since 1994, the capital gains you must reporton this property may be reduced by the amounts you elected in 1994.
If you no longer have a copy of your 1994 personal tax return, contact CCRA and they will inform you if you filed the T664 election in 1994.
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