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Murphy4
Returning Member

Mutual Funds entering capital gains/losses

Within a mutual fund (Investors Group) they sent me a "Realized Capital Gains/Loss Summary" for the year, it is not a T slip just part of the Portfolio summary. It only provides the No. of units, proceeds on disposition, Net gain or loss.  How do you enter this information in Turbo tax since the program wants more information and wants to calculate the gain or loss on schedule 3?  Or do I even need to enter this information since it is not on a T-slip?

3 Replies
TurboTaxNicola
Moderator

Mutual Funds entering capital gains/losses

Did you encash your units in the mutual fund? If they remain in the fund as in you did not receive dividends, additional units or cash then you have nothing to enter/report, based on the information provided.

 

 

 

Murphy4
Returning Member

Mutual Funds entering capital gains/losses

Hello, Thank You for responding.  My advisor went through an exercise to rebalance my portfolio moving funds from under performing funds to better performing funds.  Where the entire amount of the fund was brought to 0, it is noted as "Investment Transfer" to another Fund within the portfolio.  In the Fund where only a portion of the balance was moved to another fund it is noted as "Redemption".  In all cases for each Fund it notes an amount as a "Gain/loss from redemption/transfer".  In each case they sent a T5008 to Revenue Canada.

In one case during the first 60 days of the year I transferred funds from a non-registered fund into a Registered RRSP fund and it shows a capital gain upon redemption/transfer, is this considered me "receiving" cash?

On the T5008's which I obtained copies of from CRA, in box 16 Quantity of securities it has the number of shares and in Box 21 Proceeds of disposition or settlement it shows the $ amount of the transfer. There is no mention of dividends, additional units or cash.  The note on the back of the T5008 "if you are an individual having to file a T1 return, report transactions on account of capital on schedule 3".

TurboTaxNicola
Moderator

Mutual Funds entering capital gains/losses

Go into your T5008 and enter box 20 -COST. Make sure the toggle switch is set to capital gains. 

 

See additional information below on transferring of investments to a registered RRSP:

 

https://www.taxtips.ca/personaltax/investing/transfersharestorrsp.htm

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