5 October 2007 APFF Roundtable, 2007-0242441C6 F - Gains ou pertes sur taux de change -- summary under Subsection 39(2)

...in respect of a gain or loss resulting from the disposition of a property that is a capital property...subsection 39(2) of the ITA will apply if, and only if, this gain or loss, as calculated in accordance with section 40 of the ITA, is solely attributable to the fluctuation in the value of a foreign currency relative to the Canadian currency.