Hi,
I was granted RSUs for the first time in 2023 and want to confirm how to calculate proceeds/ACB/outlays+expenses.
On November 20th, 22 shares of RSUs vested. On November 21st, 12 of those shares were sold to cover tax. On November 29th, I sold the remaining 10 shares.
When it comes to the capital gains/losses page in TurboTax, I'm confused on how to calculate the values. I spoke to a representative and want to confirm the method they suggested.
Proceeds: (USD to Cad Conversation Rate on Nov 21st)*(12 shares)*(Cost of a share on Nov 21st) + (USD to Cad Conversation Rate on Nov 29th)*(10 shares)*(Cost of a share on Nov 29th)
ACB: (USD to Cad Conversation Rate on Nov 21st)*(22 shares)
Outlays+Expenses: (USD to Cad Conversation Rate on Nov 21st)*(Expenses reported in Etrade for the sale on Nov21st) + (USD to Cad Conversation Rate on Nov 29st)*(Expenses reported in Etrade for the sale on Nov 29th) + (USD to Cad Conversation Rate on Nov 21st)*(12 shares)*(Cost of a share on Nov 21st)
I suppose the reason I am a little skeptical is that I'm using the amount I was taxed as an "expense". I originally thought it should be reported like:
proceeds: 10 shares * conversion rate * price on the day I sold
ACB: 10 shares * conversion rate * price on the day they vested
outlays+expenses: expenses reported by etrade
But this would completely leave out the 12 shares sold to cover tax from my reporting in the capital gains section.
Can someone confirm/share what is the correct strategy? I am using TurboTax online instead of filling out any forms manually.
If you are unsure of how to report your RSU transactions, we would recommend contacting the Canada Revenue Agency (CRA) and confirming it with them.
If you are in Canada or the United States, you can call the CRA at 1-800-959-8281. If you are elsewhere, you can call 613-940-8495. This page has more ways to contact the CRA: Contact the Canada Revenue Agency