Deemed Acquisition

If you decide to sell property that you owned on the day you became a resident of Canada, the resulting profit or loss must be reported to Revenu Québec. Revenu Québec will consider that you acquired the property at a cost equal to its fair market value on the date you became a resident of Canada. This is known as a “deemed acquisition.”

You must therefore have your property evaluated and keep a statement of its fair market value on the date of your arrival in Canada. The fair market value will be used to calculate your gain or loss when you sell the property.

The deemed acquisition rule does not apply to the following:

  • taxable Canadian property
  • property included in the inventory of a business you were carrying on in Canada at the time of its sale
  • incorporeal property related to a business you were carrying on in Canada at the time of its sale
  • an excluded right, interest or share, except for shares in a testamentary trust not resident in Canada and that was never acquired for a consideration.

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