How to enter capital gains (or losses) in the
taxation year
To record your capital gains or losses realized in the tax year,
please follow these steps:
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 for "
Capital gains (or losses) and capital gain
history" and click on "
Next" at the bottom of the page.
3. Return to the
left side menu on the "
Interview "
tab, select the topic "
Capital gains (or losses) & ABIL".
4. On the screen to your right, choose the option that applies
to your situation and enter the information about the transaction.
It is
mandatory to indicate the "
Date of disposition" as well as the "
Total
proceeds from sale", you should specify
the
''Adjusted cost base of shares or
property'' as you enter the cost of the
''Expenses incurred in making the
disposition''.
5. Also, if you have requested a
''Reserve on disposition'' you must specify
it.
The net capital gain or loss will be reported by the program on
Schedule 3 of the federal returns and, if applicable, on Schedule G
of the Quebec returns.
The capital gain will be reported on
line 12700 of the federal return and Quebec residents
to line 139 of the Quebec return.
If you have incurred a loss, this will be recorded on both the
federal and Quebec notices of assessment.
For more information on capital gains and losses, consult the
following links:
For the CRA:
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037.html
For Revenu Québec:
https://www.revenuquebec.ca/en/online-services/forms-and-publications/current-details/in-120-v/
ID: 20191218172615CA.xml
Webpage: KPA330-20191218172615CA.htm
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