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Returning Member
posted Apr 15, 2021 12:26:57 PM

Are capital gain & loss calculated automatically?

Hi, I trade quite often with platforms, such as Questrade and other direct investing. I use TurboTax, and it is connected with CRA. I can see the Autofill has imported many trading summaries and T5008. Are capital gain and loss automatically calculated from these forms? or I have to calculate these numbers and type them in manually?

 

Thank you!

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1 Replies
Level 3
May 12, 2021 1:39:37 PM

Thank you for the question.

 

Capital gains and losses are not calculated automatically. The form you get from the brokerage firm you are with is the information relating to book value and  proceeds of disposition. You must enter that information when you get to the part of your tax return that deals with investments, and from there it will calculate the gain or loss for you.

 

To report capital gains or losses on TurboTax, follow the video in this link.