I donated mutual funds in kind to a charitable organization. A T5008 was generated indicating a substantial capital gain, which is non-taxable. CRA indicates that I need to fill out form T1170 to ensure that I do not pay tax on this capital gain. However, TurboTax does not include the T1170 form. How do I e-file with TurboTax and not pay the tax on this capital gain? I see no way to do it. Thanks for any help!
Thank you for your question. Please follow the steps accordingly:
- Sign in to your TurboTax Online account.
- Click on the find icon at the top-right corner of the page.
- Please type and select the option titled "Capital Gains and Capital Gains Deduction Profile" and click " Go".
- You'll see the page titled "Your Capital Gains Profile for 2020", and select "Sold stocks, bonds, real estate, other capital property, or sold qualified small business corporation shares and/or qualified farm property and you have a capital gain or loss to report".
- Click "Continue".
- Here, select the 'Type of capital property disposed of' as "Mutual Funds/Shares (T1170 Gifts)".
- Now enter the details as per the T5008 slip for the form T1170 and in the last Box.
Thank you very much. I have now done this. However, the T5008 slip details are still in my return, so it did not make any difference to my amount owing. Should I just delete the T5008? Will this be a flag to CRA?