Jump to content

Deemed disposition upon death - Schedule 3 and form T1255

Recommended Posts

My dad owned his principal residence with my mom but he passed away in 2023.

1.  Do I have to report a disposition on his principal residence on the “Real Estate, depreciable property, and other properties” form (ie. fill in the Proceeds of disposition, ACB, etc.)

2.  Is the proceeds of disposition the deemed value from an appraisal on the property as it has not been sold?

3.  After I input the information in the above section (eg Proceeds of disposition = $1,000,000 and ACB of $900,000), I don’t see this info show up in the T1255 form?  Do you know why?

Link to comment
Share on other sites

If the surviving spouse is still living in the same residence then:

Where the principal residence is transferred to the spouse or common-law partner of the person who died, or to a testamentary spousal or common-law partner trust:

  • A principal residence designation for the period before death is not required in the Final Return
  • The deemed disposition of the property and any capital gain or capital loss is not required in the Final Return.

From: https://www.canada.ca/en/revenue-agency/services/tax/individuals/life-events/doing-taxes-someone-died/prepare-returns/report-income/capital-gains.html


Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Create New...