Do I qualify for Lifetime Capital Gains Exemption if I sold shares in a Canadian-controlled private corp. that I've held for 3 years? How do I put the info in TurboTax?

The criteria for claiming the capital gains deduction on the sale of Qualified small business corporation shares (QSBC) can be found here:

http://www.taxplanningguide.ca/tax-planning-guide/section-3-investors/qualified-small-business-corpo...

With respect to where to put the info in TurboTax, generally you will report the sale of the shares under Income/Investments and then choose the option where you would indicate you sold shares of a Qualified small business corporation (once you do that it should automatically allow the capital gains deduction claim).

Thank you very much for the explanation and link.

After entering the details for the QSBC disposition and associated capital gain....where does the option to apply the Lifetime Capital Gains Exemption apply?

The only option is see is pasted below. But this wording seems to suggest this entry is for "capital gains deferral"...which isn't exactly the same as claiming the LCGE (i.e. deferral vs exemption).

Using Turbotax online, were you able to enter the lifetime capital gains exemption that you wished to apply against the capital gain on the sale of Qualified Small Business Corporate Shares?  I can see options for entering  "Deferral", but not an "Exemption", so I'm a bit unsure how to do this.

By deferred do you mean that you are claiming capital gains reserve that is deferring the gain/money received when you sell over a few years?

If this is the case, choose claiming reserve on a capital property.

I sold my small business property. A one man Barbershop that I owned for 36 years.  How do I  claim a Lifetime Capital Gains exemption on Turbotax?