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Level 1

Having problems with capital gains amount.

Last year my capital gains were under $200. Not much has changed in my investments since then, but this year over $6,000 is entered in the capital gains line of my return, adding $6,000 to my income which seems ridiculous. Am I entering information incorrectly?

3 Replies
Level 1

Having problems with capital gains amount.

Are these Capital Gains being reported on a tax slip such as a T3 or T5008? (You may have imported these slips using CRA's AutoFill service).
Level 1

Having problems with capital gains amount.

Thank you for offering help. The capital gains are listed on a T5008. This form is new to me as the bank had never sent this information in previous years. Should I start over and not do the CRA autofill? I don't want to make a mistake, but it seems odd to have so much money added to my income.
Level 1

Having problems with capital gains amount.

You need to go in and "Edit" the T5008 slip itself. When you import these slips from CRA, they are usually missing "Box 20", which is the "Adjusted Cost Base" (purchase price) of your shares. Without entering this number, you will have Capital Gains on the entire "Proceeds of Disposition", which is no doubt why you are seeing this large addition to your income.