Below are some relevant dates for capital gains tax calculations
- 20th September 1985, that’s the day it started, was a Friday…. what a great start to a weekend 🙂
- 11.45 am 21st September 1999 (eastern standard time) is when the Discount Method for calculating the capital gain was introduced.
- The contract date on the sale of a property, not the settlement date is to be taken into account when calculating the capital gain. If the contract is signed on the 15th June 2008 and settlement is 1st August 2008. The capital gain is calculated in the 2008 income tax return.