My T4 has boxes 38 and 39 reflecting amounts from stock options sale/profit. Do I still need to report Capital Gains? If yes - how to reflect tax already paid?

Yes, you will still need to report them on your return. TurboTax recognizes that the amount in Line 38 is being used for information purposes and it will not add it to your income again.

The amount on Line 39 qualifies you for a Security Options Deduction.

(Claim the total of Line 39 and Line 41 on Line 24900 of your return for the Security Options Deduction.)

 

Information as per Canada Revenue Agency (CRA):

Line 24900 – Security options deductions - Canada.ca

 

Thank you for choosing TurboTax.

Thank you for feedback, this is weird, I requested "expert review" and asked the same, person told me I do not need to report it under capital gains. Box 38 amount is included in box 14 of my T4, also my deducted taxes (box 22) includes tax I paid on capital gain at the time when options sale happened.

 

I would appreciate help where to fill this in. I am using TurboTax online platform, when I am adding "Capital Gains" entry, there are few items to add

1) Type of capital property disposed of - I am choosing stocks

2) Proceeds of disposition - Sale price (number of shares times unit sell price)

3) Adjusted cost base - purchase price + purchase fees (number of shares times strike price + Bank Fees)

4) Outlays and expenses - sale fees

I went into detailed summary report and Line 24900 already contains box 39 amount. And my employment income includes box 38.

 

Thanks again,

Garnik