Having problems with capital gains amount.

Last year my capital gains were under $200. Not much has changed in my investments since then, but this year over $6,000 is entered in the capital gains line of my return, adding $6,000 to my income which seems ridiculous. Am I entering information incorrectly?


3 people found this helpful

You need to go in and "Edit" the T5008 slip itself. When you import these slips from CRA, they are usually missing "Box 20", which is the "Adjusted Cost Base" (purchase price) of your shares. Without entering this number, you will have Capital Gains on the entire "Proceeds of Disposition", which is no doubt why you are seeing this large addition to your income. 

Was this answer helpful? Yes No

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community