To claim the capital gain deduction on the sale of a qualified farm, follow the steps provided below:
- At the top right-hand side of your screen, click on the "Find" icon with the magnifying glass.
- The Find window will appear, in the search box type in "Capital Gains and Capital Gains Deduction Profile", select it from the results, and click on "Go".
- You will come to a page where it will say "Select all of the checkboxes that apply to you".
- Select the "Claim Capital Gains Deduction on sale of Qualified Farming property, Fishing property, or Qualified Small Business Shares" checkbox and any more that apply to you.
- You will then select the "Enter More Years" option at the bottom right of your screen.
- You will then enter your eligible taxable capital gains as reported on Form T657. Once finished you will select "Continue"
- Select "Done with Capital Gains", enter any necessary information if needed, then you will come to a page where it will ask to "Enter the amount you wish to claim on your 2020 tax return." once you have entered the amount select "Continue" and you are finished.
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