how to enter t5008 and claim deduction for LCGE?

[james_kok_1999]

I sold qualified small business corporation shares with capital gain. How do I report and claim lifetime cvapital gains exemption?

[TurboTaxAniqua]

To report a T5008 sale of qualified small business corporation shares (QSBCS) and claim the Lifetime Capital Gains Exemption (LCGE) in TurboTax, enter the slip under Investment Income > T5008, ensuring you designate the gain as QSBCS. Then, use the "Capital Gains Deduction" (Form T657) section to claim the exemption.

To legally claim this deduction, ensure your shares meet the CRA criteria.

You (or a related person) must have owned the shares for at least 24 months before the sale.

At the time of sale, at least 90% of the corporation's assets must have been used in an active business in Canada.

For the 24 months prior to sale, more than 50% of the assets must have been used in an active business in Canada.

Line 25400 – Capital gains deduction

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