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New Member
posted May 3, 2021 9:11:24 PM

Where do I record a Capital gains, which is a Schedule 3, property type 1?

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1 Replies
Level 6
Jul 28, 2021 1:04:40 PM

The capital gains are claimed by completing schedule 3 for the current tax year, to report eligible capital gains from all sources. Once calculated, 50% of the total is transferred to line 12700 of your tax return as your taxable capital gain amount.

 

To report your Capital Gains/Losses on TurboTax, please follow these steps:

 

If Capital Gain/Loss is reported on T5008, T5, T3, T4PS, or T5013 slips:

 

  1. Select Find (or the magnifying glass icon).

  2. Type the name of your T-slip in the Find window (for example, type T5008).

  3. Select the name of your T-slip from the list of results, then Go.

  4. Enter the amount on the slip directly onto the TurboTax screen dedicated to that slip.

 

Capital Gain/Loss not reported on a T-slip:

 

Note: Before you begin, be sure to determine the type of your capital property, and calculate your proceeds of disposition and adjusted cost base.

  1. Select Find (or the magnifying glass icon).

  2. Type capital gains in the Find window.

  3. Select Capital Gains and Capital Gains Deduction Profile from the search results, then Go.

  4. On the Your Capital Gains Profile for 20xx screen, follow the instructions to report your gains or losses.

 

For more information, please see:

  • Where do I report capital gains or losses in TurboTax Online?

  • Schedule 3 Tax Form: Capital Gains or Losses in Canada

  • Claiming Capital Gains and Losses

Thank you for choosing TurboTax. If you have further questions, please feel free to contact us