Level 6


Hi, thank you for using Intuit TurboTax Community

The gross amount of the withdrawal will be included as income, you will receive a tax slip from the institution where the funds were invested. The tax withholding is not the final tax liability as you suggested but will be included in total tax withheld to offset federal and provincial tax owing.

Capital losses can only be used to offset capital gains, so, they cannot be used to offset other types of income.

Hope this helps