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Locked: The best way to declare 200+ transactions in capital gains/losses

  • Last Updated:
  • Apr 20th, 2017 2:57 pm
[OP]
Member
User avatar
Jul 4, 2009
301 posts
41 upvotes
Mississauga

The best way to declare 200+ transactions in capital gains/losses

Hello everyone

I just needed a little help on what I should do. I did 234 transactions last year in my CASH trading account (Yes I know I shouldn't have done so many). I have a total of $1385 in commission fees paid to the bank for these transactions. I had a total loss of around $8000 caused by a few big hits, I was just wondering what the best way would be to declare it to Canada Revenue Agency. I am using the Ufile software and it looks like you have to declare every transaction you did. I maxed out my RRSP last year so far I am getting a $3500+ return at the moment, I don't have any other capital/gains losses besides this trading account.

Thank you everyone for your help!

-Raymond
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3 replies
Jr. Member
User avatar
Nov 3, 2008
180 posts
69 upvotes
National Capital Reg…
What is your question exactly?

You report your capital gains and losses on Schedule 3. If you Netfile, you can enter aggregate details (no need to enter every sale individually, Netfile only sends aggregate summary to CRA). That said, you need to know your individual amounts in case of review. Hope you did not do Short Sales, as they need to go on business income part, and cannot be done on Schedule 3. You will need to calculate your ACB accurately as well.

You can do your own calculations in Excel, and when satisfied, enter total details into the software.
Sr. Member
Nov 13, 2013
611 posts
213 upvotes
Capital loss won't save you anything this year. You could ignore the smaller losses and claim later when you have a gain to use as an offset.
Jr. Member
User avatar
Nov 3, 2008
180 posts
69 upvotes
National Capital Reg…
fogetmylogin wrote:
Apr 20th, 2017 2:40 pm
Capital loss won't save you anything this year. You could ignore the smaller losses and claim later when you have a gain to use as an offset.
This is allowed, but I would not recommend, as the longer time records are not organised, it is exponentially more pain to make correct calculations down the road. Also, after 6 years, accepted capital loss records not need to be retained, but if done in the future, every record is examinable. Capital loses are also carried forward indefinitely, so they will not disappear. Based on OP's attitude, he/she better start proper record keeping sooner than later.

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