Capital Gain/Loss (Stocks sold)

[TWong]

Hello,

I am using TurboTax Premier (Download Version) to prepare my return. I have around CAD $175 capital loss (T5008) for Year 2024. After filling out all the details (T slips, T5008 details, investment expenditures, etc.), my capital gain/loss shows $0 (or nothing) in the detailed tax summary.

I tried to enter some artificial capital gain (via T5008 Form) of $5,000 but Detailed Summary (after saving the file) still shows $0 (or nothing) capital gain, and my taxes to be paid remains the same.

Questions:

1. Are the above normal or I missed something? 
2. Is entering all details of Stock Capital Gain/Loss via T5008 will take care of Capital Gain/Loss and the resulting taxes to be paid? Or, I need to enter the capital gain/loss via another Form/Table? (Note. In the past (also using the same TurboTax), I only had to enter all my stock transactions via T5008).

Please help.  M Wong

[TurboTaxSusan]

Please check that you have selected a "Type Of Income" & entered a date of disposition on your T5008 slips.

[tikiwong]

Hi TurboTaxSuan,

Thanks a lot for the advice, which resolves my fabricated (for my verification purposes) Stock Capital Gain issue. Now Detailed Tax Summary shows the new (or elevated applicable) taxes after adding Type of Income and Disposition Date on the fabricated Capital Gain on T5008.

However, I have the following additional (A) question and (B) product improvement suggestion:

(A) Question: When my wife and I have a total Capital Loss of $175 (or $87.50 each on 50-50 split), Capital Gain shows $0 in the Detailed Tax Summary (but $87.50 shows up in Schedule 3). I expect to see $87.50 shows up both in Detailed Tax Summary and Schedule 3 (why this happens)? Further to this, after introducing my fabricated total Stock Capital Gain of $10,000, $4,912.50 (or $5,000 - $87.50 for each) shows up in both my wife and my Detailed Tax Summary and Schedule 3.  Is there a threshold amount of Capital Gain/Loss to get shown up in Detailed Tax Summary?

(B) Product Improvement Suggestion: It has been for years since day 1 that we needed to convert US stocks into Canadian dollars before filling up T5008 (T5, T3, etc,). As the average USD-CAD Exchange for the taxation year is published by CRA well before the tax season, may I request TurboTax to improve T5008 Form (and others) so that we only have to enter the US stocks in US dollars and select (from a Drop Down menu for USD or CAD) so that TurboTax will do the conversion for us automatically, efficiently and correctly?

I would like to take this opportunity to express my appreciation for your (and you colleagues') help and support over the years? Also, I have been spreading good words about TurboTax over the years?

Thanks

Man