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dtaylormac
Returning Member

Donation of Securities in Kind - Need Form T1170

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!

4 Replies
Psjeet11
Level 4

Donation of Securities in Kind - Need Form T1170

Thank you for your question. Please follow the steps accordingly:

  1. Sign in to your TurboTax Online account. 
  2. Click on the find icon at the top-right corner of the page.
  3. Please type and select the option titled "Capital Gains and Capital Gains Deduction Profile" and click " Go".
  4. 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".
  5. Click "Continue".
  6. Here, select the 'Type of capital property disposed of' as "Mutual Funds/Shares (T1170 Gifts)".
  7. Now enter the details as per the T5008 slip for the form T1170 and in the last Box.

Thanks. 

dtaylormac
Returning Member

Donation of Securities in Kind - Need Form T1170

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?

urtaxwiz2
Level 1

Donation of Securities in Kind - Need Form T1170

Hi,

Remove the T5008 slip as it is now a duplicate entry.

dtaylormac
Returning Member

Donation of Securities in Kind - Need Form T1170

Very helpful. Thank you!

v