RE:Tax help T5008Hi Metaphysician:
First of all, print the summary report from your trading accout for 2017 calendar year. This report groups together all transactions per stock i.e. all trading actiities under ticket ACB, under ticker WEED, etc. Now you can use the sub-totals (purchased/sold) per stock ticker to enter in the T5008 form (on the netfile software). Make sure that the ending capital gain/loss shown ties in with the report you printed from your trading account.
More info:
Use lines 131 and 132 of Schedule 3, Capital Gains (or Losses), to calculate and report all your capital gains and capital losses from your mutual fund units and shares. List the information for each mutual fund separately. Multiple redemptions from the same fund in the same year should be grouped together.
To calculate your capital gain or your capital loss, you need to know the following three amounts:
- the proceeds of disposition, which is the amount you received or will receive for your units or shares;
- the adjusted cost base (ACB), which is the cost of your units or shares, plus any expenses you incurred to acquire them, such as commissions and legal fees and minus any returns of capital on your units or shares; and
- the outlays and expenses you incurred when selling your units or shares, such as redemption fees and commissions.
Hope this helps.
PM me if you need more help later, I'm at work right now.
Metaphysician wrote: Anyone know how to file your taxes for capital gains?
Can I simply add the Adjusted Cost Base to my income or do I need
to declare every transaction (which would be a pain in the butt)
Thanks!