Posted on 22/01/03
Catch the tax breaks when you sell off tangible assets
When you sell off tangible assets, you can catch a break from the tax collector, who won't touch profits unless you make more than $1,000.Whether you buy them for investment purposes or for a hobby, tangible assets, such as art works, antiques and collectibles, are all usually considered by the Canada Customs and Revenue Agency (CCRA) to be items of personal-use property, a category that also includes cars, boats and cottages, according to Karen Yull, a tax principal at Grant Thornton LLP.
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