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posted Oct 31, 2019 12:07:19 AM

Why is my taxable capital gains so high?

The profits I made from selling stocks (my only capital gains) comes out to about $296, yet it says my taxable capital gains is $853.62. No matter what I comb over, I can only see those stock sales as my capital gains... I thought maybe I was being taxed for everything, costs included, but that comes out to about $1300, so... I'm confused.

EDIT: Problem solved (I think). I had to manually enter in all my costs twice (no box 20s, thanks TD...), once in the capital gains section, which is what I had when I first posted this question, and then again under the "review" section, there's a T5008 menu, where I had to manually add all my costs again to all the same stock sells. Now it says my taxable capital gains is $316.92, which is close enough.

Hopefully it's fine that I have two manual entries.


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1 Replies
Level 15
Oct 31, 2019 12:07:21 AM

Yes, it's perfectly OK to enter your T5008s in the Capital Gains Profile section, or on the T5008 screen. But you just don't want to enter them twice and double them up that way. 🙂

It's very common to see that Box 20 empty, and quite often when people import their slips from CRA, they don't realize this is happening and they end up paying on the entire proceeds of disposition. Glad you were able to get your's entered correctly.