Canadian dollar
After several years of heading down to the USA for a couple of months in the late winter, we have more or less decided we will not do it this year due to the poor exchange rate of the Canadian dollar....
Forum Discussion
bjbear wrote:I agree with you on the sale of a house but the exchange rate gain could also be income depending on the circumstances.joebedford wrote:
I don't think your statement about capital gains on currency is correct.
I think Moisheh is correct as he states in his reply to this comment. Also, in our park, I know a few fellow Canadians who have put their places up for sale (park models), because the bought them when the Can$ was at $1.05. Now with the Can$ at 1.40, they stand to make a profit. I am pretty sure that if they do, it will be considered Capital gains and they will have to report it and pay the resultant tax.
Depending on the circumstances, you could also claim a loss. It's not always gain.
