My husband day traded for the first time in 2020. Made $7,000. No tax forms issued. Where do I report the income?

352

Level 3

Dec 6, 2022 11:45:23 AM

The $7000 would be considered a capital gain. The capital gain is claimed by completing schedule 3 for the current tax year, to report eligible capital gains from all sources. Once calculated, 50% of the total is transferred to line 12700 of your tax return as your taxable capital gain amount. If you'd like to know more about claiming capital gains, here is a great article by TurboTax. For additional information please see our TurboTax article: How to Calculate Capital Gains When Day Trading in Canada.

Thank you for choosing TurboTax.

Why sign in to the Community?

My husband day traded for the first time in 2020. Made $7,000. No tax forms issued. Where do I report the income?