| Protected B when completed | ||||||||||||||
| Section 2 – Calculation of Capital gain | ||||||||||||||
| Information needed to calculate the capital gain | ||||||||||||||
| Number of tax years for which the property is designated as a principal residence | ||||||||||||||
| (from line 3 of page 2) | 4 | |||||||||||||
| Number of tax years ending after the acquisition date in which the deceased person owned the property (jointly with another person or otherwise): |
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| After 1981 | 5 | |||||||||||||
| After 1971 and before 1982 | + | 6 | ||||||||||||
| Total number of years owned (line 5 plus line 6) | = | 7 | ||||||||||||
| Proceeds of disposition or deemed disposition | 8 | |||||||||||||
| Outlays and expenses made or incurred related to the disposition | 9 | |||||||||||||
| Adjusted cost base at the time of disposition (if the deceased person or their spouse or common-law partner filed Form T664 or T664(Seniors) for this property, do not take into |
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| consideration any increase to the adjusted cost base as a result of that election) | 10 | |||||||||||||
| Adjusted cost base on December 31, 1981 | 11 | |||||||||||||
| Fair market value on December 31, 1981 | 12 | |||||||||||||
| Adjustments to the cost base made after 1981 (for example, capital expenditures) | 13 | |||||||||||||
| Part 1 | ||||||||||||||
| Proceeds of disposition or deemed disposition (line 8) | 14 | |||||||||||||
| Adjusted cost base at the time of disposition (line 10) | 15 | |||||||||||||
| Outlays and expenses made or incurred (line 9) | + | 16 | ||||||||||||
| Line 15 plus line 16 | = | ► | – | 17 | ||||||||||
| Line 14 minus line 17 | Capital gain before principal residence exemption | = | 18 | |||||||||||
| Amount from line 18 | 19 | |||||||||||||
| Line 4 plus 1 (see note on page 4) | x | 20 | ||||||||||||
| Multiply line 19 by line 20 | = | 21 | ||||||||||||
| Total number of years from line 7 | ÷ | 22 | ||||||||||||
| Divide line 21 by line 22 | = | ► | – | 23 | ||||||||||
| Line 18 minus line 23 (if negative, enter "0") | Net capital gain | = | 24 | |||||||||||
| Part 2 | ||||||||||||||
| Complete part 2 if the property disposed of is one of two (or more) properties that qualify as principal residences a family member owned on December 31, 1981, and continuously thereafter until its disposition. You will find a definition of family in the "Principal residence" chapter in Guide T4037, Capital Gains. In all other cases, do not complete Part 2 and enter the amount from line 24 above on line 54 in Part 3 on the next page. |
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| A. Pre-1982 gain | ||||||||||||||
| If you designated the property as a principal residence for all the years the deceased person owned it before 1982, do not complete lines 25 to 32. Instead, enter "0" on line 33. |
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| Fair market value on December 31, 1981 (line 12) | 25 | |||||||||||||
| Adjusted cost base on December 31, 1981 (line 11) | – | 26 | ||||||||||||
| Line 25 minus line 26 | Pre-1982 gain before principal residence exemption | = | 27 | |||||||||||
| Amount from line 27 | 28 | |||||||||||||
| Line 2 plus 1 (see note on page 4) | x | 29 | ||||||||||||
| Multiply line 28 by line 29 | = | 30 | ||||||||||||
| Number of years from line 6 | ÷ | 31 | ||||||||||||
| Divide line 30 by line 31 | = | ► | – | 32 | ||||||||||
| Line 27 minus line 32 (if negative, enter "0") | Pre-1982 gain | = | 33 | |||||||||||
| T1255 E (23) | Page 3 of 4 | |||||||||||||