Line 139 - Taxable capital gains
Line 139 - Taxable capital gains
You must report all capital gains (or losses) resulting from:
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the disposition of capital property in 2024, whether voluntary (sale, transfer, exchange, donation, etc.), involuntary (expropriation, theft, etc.) or deemed (death, change in use, damage, emigration, etc.);
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a capital gain (or loss) realized in 2024 (for example, a gain for which you received an RL-16 slip from a trust or an RL-15 slip from a partnership);
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a reserve you deducted in 2023.
You may have to report a capital gain (or loss) resulting from the disposition of the following:
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personal-use property (automobile, cottage, boat, furniture, etc.), if the proceeds of disposition are more than $1,000;
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precious property (jewellery, coins, paintings, stamps, etc.), if the proceeds of disposition are more than $1,000;
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residential property (including rental property or a right to purchase) that you owned for less than 365 consecutive days, if the disposition is not considered property flipping;
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publicly traded securities for which you received an RL-18 slip, a statement of account or a transaction record;
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resource property (flow-through shares, interest in a partnership that invested in flow-through shares, etc.);
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qualified farm or fishing property or qualified small business corporation shares (including shares disposed of as part of an intergenerational business transfer);
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shares disposed of as part of a qualifying business transfer in favour of an employee ownership trust.
To calculate your capital gains (or losses), complete Schedule G. However, you can choose not to complete Schedule G if you meet both of the following conditions:
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You are filing your return on paper.
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You realized capital gains for which you received only:
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an RL-3 slip with an amount in box I-1 or I-2;
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an RL-16 slip with an amount in box A-5 or A-6.
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In this case, use the amounts from the above-mentioned boxes of your RL slips to calculate your taxable capital gains. See the example below.
Example - Calculating capital gains without completing Schedule G
For the 2024 taxation year, you received the two following RL slips:
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an RL-3 slip with $100 in box I-2;
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an RL-16 slip with $220 in box A-5.
To calculate your capital gains, add box I-2 of your RL-3 slip and box A-5 of your RL-16 slip. Your total capital gains are therefore $320 ($100 + $220).
To calculate your taxable capital gains, multiply your total capital gains by 50%. For 2024, your total taxable capital gains are $160 ($320 × 50% = $160). Carry the result to line 139 of your return.
If you do not meet the above-mentioned conditions or if you sustained a capital loss, complete Schedule G. If you want to designate a property as your principal residence, complete Part F of Schedule G.
Schedule G is available at revenuquebec.ca. You can also order it online or by phone.
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IMPORTANT If you acquired, held or used cryptoassets in 2024, complete a Cryptoasset Return (form TP-21.4.39-V) to calculate the resulting capital gains (or losses) and file it with your income tax return. Failure to do so could lead to penalties. |
For more information on capital gains and losses, see guide IN-120-V, Capital Gains and Losses.
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