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Cindy Black gave her spouse $200$ common shares of Fly$-$By$-$Night Airways Ltd$.$ that had cost her $$10$ per share in $2013.$ The fair market value of the shares on the date of the gift

was $$50$ per share. The shares have historically paid dividends of approximately $$4$ per share per year.

Calculate the taxable capital gains, if any, to Cindy from this transaction $($assume the default CRA rollover position applies$).$

Enter your answer with $2$ decimal places $($do not include a comma or $ sign$).$

Answer:

Cindy Black gave her spouse $200$ common shares of Fly$-$By$-$Night Airways Ltd$.$ that had cost her $$10$ per share in $2013.$ The fair market value of the shares on the date of the gift was $$50$ per

share. The shares have historically paid dividends of approximately $$4$ per share per year.

Calculate the taxable capital gains, if any, to Cindy if she transfers the shares to her husband and opts out of the rollover provision.

Enter your answer with $2$ decimal places $($do not include a comma or $ sign$).$

Answer:

Cindy legally transfers, for no proceeds, title to an antique desk to her son, age $15.$ The desk was valued at approximately $$55,000$ at the date of the transfer. Cindy had inherited the desk from

her grandmother in $2003.$ The fair market value of the desk was $$12,000$ at the time of the inheritance. Her son intends to sell the desk in three years' time to help finance his education.

Calculate the taxable capital gains, if any, to Cindy from this transaction.

Enter your answer with $2$ decimal places $($do not include a comma or $ sign$).$

Answer:

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