CPM Forum

General => General Forum Comments => Topic started by: 87Megalodon on March 06, 2011, 05:54:39 pm

Title: Taxes
Post by: 87Megalodon on March 06, 2011, 05:54:39 pm

Does anyone know if banknotes are considered Listed personal property or personal-use property?  When i do research i see that Listed personal property consists of stamps, coins, works of art, jewelery,  and rare books, folios or manuscripts. I feel like banknotes would fit into this category. However there is no mention of them anywhere.

Does anyone have any experience listing them as either a LPP or PUP?

Thank you.

Title: Re: Taxes
Post by: friedsquid on March 06, 2011, 08:10:49 pm

Quote from: 87Megalodon on March 06, 2011, 05:54:39 pm

Does anyone know if banknotes are considered Listed personal property or personal-use property?  When i do research i see that Listed personal property consists of stamps, coins, works of art, jewelery,  and rare books, folios or manuscripts. I feel like banknotes would fit into this category. However there is no mention of them anywhere.

Does anyone have any experience listing them as either a LPP or PUP?

Thank you.

I inquired about 2 years ago and was sent an email by Revenue Canada that collectible currency would be considered as LPP. Unfortunately I no longer have the email, but I'm sure you can email them and you will get a reply...however from recent issues, email a number of times and you will likely get a variety of answers...

Title: Re: Taxes
Post by: freedomschoice on March 09, 2011, 08:53:53 pm

Banknotes are treated as Listed personal property and are subject to capital gains over one thousand dollars. It has been treated like this for ages. The differance from personal use property which is used for personal use and usually depreciates over time, where as Listed personal property has a intrinsic value that usually goes up over time.

Title: Re: Taxes
Post by: 87Megalodon on March 10, 2011, 09:06:25 pm

good to know. thxs guys.