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grantgilron
New Member

How do I declare captial gains for shares purchased in 2018 and sold in 2020? Am I eligible for any tax credits?

 
1 Reply
thakar88
Level 3

How do I declare captial gains for shares purchased in 2018 and sold in 2020? Am I eligible for any tax credits?

Thank you for choosing TurboTax.

 

Follow the below steps to report capital gain.

 

  •  At the top of the page, you will see the "find" button click it and find "Capital Gain and Capital Gain Deduction profile".
  •  You need to select the first options as you sold stocks and continue.
  •  In the first line, you will select "Mutual funds/publicly traded shares/stocks".
  •  Complete the second line for spousal percentage in case you have a joint account.
  •  In the 3rd line, you need to write the number of shares or face value.
  •  In the 4th line type the name of your brokerage.
  •  5th line leaves blank in your case.
  • In the 6th line enter a year when you purchased the share.
  •  In the 7th line enter a day and month of the year 2020 when you sold those stocks.
  •  In the 8th line enter the selling price of the stocks
  • In the 9th line enter the purchase price of stocks
  • In the 10th line enter brokerage charge for both purchase and sale of stocks.
  • The Last line leaves blank and clicks to continue. On the next page, you will see a capital gain or loss.

Here is a great link from CRA about tax credits

Personal Income Tax Deductions in Canada from TurboTax.

 

Let us know if you need more help through social media. 

http://www.facebook.com/TurboTaxCanada

https://twitter.com/turbotaxcanada

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