Troubleshooting

Go to schedule 3 part 1 and enter proceeds of $500 and ACB of Nil. Create a $500 capital gain from disposition of QSBCS. 

 

Go to schedule 3 part 3 and enter proceeds of Nil and ACB of $10,000. This creates an capital loss  from all capital property of ($9,500). 

 

Go to form T657 and go to the second on the calculation of the Annual Gains Limit. In particular look at line 8 or what is referred to as the Eligible Taxable Capital Gain. It is comparing the lower of two amounts. In turbo tax the lower of the two numbers pulling through is showing as a negative but it cannot be less than zero as the amount determined under paragraph 3(b) cannot be less than zero. So if line 8 is showing as a negative, it is not correct.

 

Hopefully that helps you see the problem.

 

Cheers