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

by TurboTax• Updated 8 months ago

To claim capital gains or losses using TurboTax Online, select your situation and follow the steps.

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

Capital gains or losses reported on T5008, T5, T3, T4PS, or T5013 slips

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

Select Find from the menu.
Enter the name of your T-slip, such as T5.
Select the name of your T-slip from the list of results, then Go.
Enter the amount on the slip directly onto the TurboTax screen dedicated to that slip.

Capital gains or losses not reported on a T-slip

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.

Select Find from the menu and enter capital gains.
Select Capital Gains and Capital Gains Deduction Profile from the search results, then Go.
On Your Capital Gains Profile, follow the instructions to report your gains or losses.

How to see capital gains reported on your tax return

Select Find from the menu and enter bottom line.
Select Bottom Line (Tax Summaries) from the search results, then Go.
On the Let’s Review Your Numbers screen, select Detailed Tax Summary.

Gains are listed on the line of the tax return for Taxable capital gains. For more information about this line, go to the CRA's Line 12700 - Taxable capital gains page.