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292 – Capital gains deduction

If you are reporting a taxable capital gain on line 139, you may be entitled to a capital gains deduction, provided you meet both of the following conditions:

  • You realized the gain when you disposed of (sold, transferred, exchanged, gave, etc.) qualified farm or fishing property, qualified small business corporation shares or certain resource property.
  • You were resident in Canada throughout 2022, or you were resident in Canada at some point in 2022 and were either resident in Canada throughout 2021 or expect to be resident in Canada throughout 2023.

If you realized a capital gain on the disposition of eligible shares as part of the transfer of a family business and designated an amount as a deemed capital gain using form TP-517.5.5-V, Designating a Deemed Capital Gain Further to the Transfer of a Family Business, you must claim a capital gains deduction in respect of the deemed capital gain.

For more information, see guide IN-120-V, Capital Gains and Losses.

Forms to enclose

  • Capital Gains Deduction on Qualified Property (TP-726.7-V)
  • Capital Gains Deduction on Resource Property (TP-726.20.2-V)
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