How to report Capital Gains correctly.

[ldipietro]

Hi,
I was granted 930 RSUs @ $53.76 USD on 09/14/2015.  25% of my RSUs vested after 1 year and on 09/20/2016 I sold 233 shares @ $65.92 USD.  I received a T5008 and my line 20 = 8004 and 21 =7976.  I filled out the t5008 form in turbo tax, do i also have to fill out the capital gain section, if so how do i calc my ACB and should I be putting this in CAD not USD?  What is my capital gain?

[TurboTaxTerry · Accepted solution]

All amounts on your tax return must be reported in CDN funds.

If the T5008 covers the disposition that you are referring to in it's entirety then you do not have to complete the Capital Gains section.

Did you also report a Taxable Benefit on your T4 for the option price?

[TurboTaxTerry]

Based on your selling price and number of shares there seems to be some missing information.

[ldipietro]

All i have on my T4 is box 38 (security Options Benefit) reported in CAD of 20,328.14 the T5008 is reported in USD

[TurboTaxTerry]

So the Bulk of the Capital Gain has been reported as a Taxable Benefit with a corresponding deduction at line 249.

[ldipietro]

so I only need to fill out box 20 and 21 for the T5008 in CAD and thats it?  Not put anything under capital gains?

[TurboTaxTerry]

Yes that is correct.