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Returning Member
posted Apr 6, 2021 8:12:43 PM

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!

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4 Replies
Level 5
Apr 9, 2021 12:23:53 PM

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. 

Returning Member
Apr 10, 2021 12:41:21 PM

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?

Level 1
Apr 18, 2021 7:46:11 PM

Hi,

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

Returning Member
Apr 20, 2021 10:26:00 AM

Very helpful. Thank you!