Capital gains deduction - Line 25400
If you disposed of property that qualifies for the
capital gains exemption during the taxation year, namely:
a) Qualified small business corporation shares.
b) Qualified farm property.
c) Qualified fishing property.
Please follow the steps below:
1- On the "Left side menu on the Interview
tab", select "Interview setup".
2- On the right-hand side of the screen, go to the
"Investment income and expenses" group, check the box for
"Capital gains (or losses) and capital gain history" and
click "Next" at the bottom of the page.
3- Return to the "Left side menu on the Interview
tab" and choose the item "Capital gains (or losses) &
ABIL".
4- On the screen to your right, select the appropriate
item, in this case "Qualified small business corporation shares
(QSBCS)" and enter your information on capital gains on this
page.
The program will carry over your capital gains
deduction on line 25400 of the federal return and, for
Quebec residents, on line 292 of the Quebec return. In addition,
the program will generate federal Form T657 and Quebec
Form TP-726.7.
For more information on the capital gains deduction,
please consult the following CRA links:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-254-capital-gains-deduction.html
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037.html
ID: 20191209134539DE.xml
Webpage: KPA330-20191209134539DE.htm
