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

by TurboTax•4• Updated 1 month ago

To claim capital gains or losses using TurboTax Online, follow the below steps depending on your situation. 

Note: You can see capital loss balances on the Notice of Assessment (NOA) that the CRA provides each year after assessing your filed return. You can view your NOA online via your CRA My Account.

If you have more than one T5008 slip, you may opt for totalling all of the T5008 slips and entering the resulting amounts once.

  1. From the Tax home screen, under Add to your return, enter the type of slip, and select it from the search result list.
  2. At the screen for that type of slip, fill out the form, and TurboTax will do the rest.

First, you need to know your proceeds of disposition (sale value) and adjusted cost base (purchase cost and any adjustments).

Note: You can also opt for this procedure to report a T5008 transaction. Just make sure you report it only once.

  1. From the Tax home screen, under Add to your return, enter capital and select Capital Gains and Capital Gains Deduction Profile.
  2. At the Your Capital Gains Profile for 2024 screen, check the appropriate boxes and continue.

If you selected Sold stocks, crypto and so on… at the Capital Gains screen, fill out the form, and TurboTax will do the rest.

  1. From any screen, select View detailed summary.
  2. Gains are shown at Line 12700 Taxable capital gains. For more information, go to the CRA's Line 12700 - Taxable capital gains page.