Précis: The taxpayer (since deceased) claimed a capital gains deduction in respect of two rental properties she disposed of in 2010 (which she had owned since 1979). CRA denied the deduction on the basis that she had not filed the requisite election with her 1994 income tax return. Her estate appealed to the Tax Court. The Tax Court dismissed the appeal. While the taxpayer might have intended to file the election in question there was no evidence that she had in fact filed it with her 1994 tax return. There was no order as to costs since this was an informal procedure appeal.
McCullock-Finney v. R. - TCC: Appellant’s intention to claim a Capital Gain Deduction in 1994 not effectiveREAD MORE »