Capital gains arise when you sell an asset for more than you originally bought it. There are two kinds of assets in the Income Tax Act; a depreciable asset and a business asset. Depreciable assets are plant or machinery, or any implement, utensil or similar article, which is wholly or partly used or held ready for use, by a person in the production of income and which is likely to lose value because of wear and tear, or obsolescence. Common examples include computers, furniture and fittings, motor vehicles, plant and machinery. A business asset is one that is used or…
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