As of Dec 31, 2022 , sold my Corporation via Share Sale. Payout is monthly for 3 years starting Jan 1, 2023. Is there anything I need to do for 2022 personal income tax? Where do I find my capital gains exemption value (life time value).
As you had a corporate business for 2022 you will need to go to Intuit Profile for assistance: https://profile.intuit.ca/support/en-ca/
Thank you for choosing TurboTax.
Please advise why I am being redirected? THe sale of the business funds will need to be recorded on my personal taxes and the questions asked in original email is what I am referring to.
You can get information about your capital gains deduction limit and how much you have used in previous years by looking at Form T657 on your previous year's tax return (if you have already made a deduction previously). THis CRA website has more information on the capital gains deduction limit: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-25400-capital-gains-deduction.html
I would recommend double checking with the Canada Revenue Agency (CRA) if you need to report this income in the year of the sale (2022) or when you receive the money (2023).
If you are in Canada or the United States, you can call the CRA at 1-800-959-8281. If you are elsewhere, you can call 613-940-8495. This page has more ways to contact the CRA: Contact the Canada Revenue Agency