T4037 - Capital gains and losses

Entering this Amount (from Forms):

Entering a capital gain or capital loss (T1 line 12700)

Capital losses or gains in 2000: If you didn't carry forward your 2022 return, enter your year 2000 inclusion rate on the worksheet Carry forwards from 2022.

To find this form, use Form Lookup and enter the keyword CFP.

Note:

Joint investments: Some T-slip entry screens help you calculate your portion. Otherwise, you must only enter your own portion of a joint investment on your return.

Example: If you and your spouse purchased and sold 100 shares of stock and you paid 1/4 of the total purchase amount, you would enter information for 25 of the shares and 25% of the expenses on your return. Your spouse would enter the rest on his or her return.

Enter amounts on T-slips, (e.g. T3, T4PS, T5, T5013, or T5008 slips) in the T-Slips entry screen.
Using the T-slips entry screen.
If you donated capital property, complete T1170 - Capital gains on gifts of certain capital property.
Enter other amounts directly on Schedule 3. To find this form, use Form Lookup and enter the keyword S3.
If you need more room in Part 3 for shares, mutual funds, etc., use the Schedule 3 Supplemental Statement. To find this form, use Form Lookup and enter the keyword S3S.

If you have more than two bond transactions for part 5, see Entering more than 2 bond transactions.

If line 19900 of Schedule 3 is positive (a net capital gain), TurboTax automatically transfers it to line 12700 of your T1 General. If line 19900 of Schedule 3 is negative (a net capital loss), you cannot claim the loss this year. TurboTax stores this information on the Loss Worksheet (LOSS-WS) and carries it forward to next year's tax return. If you had a net capital gain in any of the previous 3 years, you may want to carry the loss back instead by completing Form T1A, Request for Loss Carryback.

Related forms that you may have to complete are:

Entering this Amount (from Interview):

Entering taxable capital gains (interview)

Enter taxable capital gains reported on T3, T4PS, T5, T5008, and T5013 slips through the T-slips entry screens.

Enter any additional information about your capital gains or losses on a series of screens in the Income section of the Interview.

Click INCOME & EXPENSES in the left-side menu.
Click Continue until you reach the Investment Income screen.

If you have a net capital gain, TurboTax shows the taxable amount at line 12700 of your T1 General.

If you have a net capital loss, you cannot claim it this year; instead, you should use it to reduce your capital gains next year. TurboTax stores this information and carries it forward to next year's tax return for you.

Frequently Asked Questions

How do I know if I own capital property?

Most people own capital property. Capital property is depreciable property that, if sold, would result in a capital gain or a capital loss. Items such as homes, furniture or automobiles are examples of capital property. Other common types of capital property are:

cottages
securities, such as stocks, bonds, and units of a mutual fund trust; and
rental properties
land, buildings, and equipment you use in a business
jewellery
art, coin, and stamp collections

If you sell this type of property for more than what it cost you, you usually end up with a capital gain. You report the capital gain on your income tax return in the year you sell the property.