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Direct investing accounts with realized gain/loss reports?

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Member
Jan 21, 2012
409 posts
1124 upvotes
VANCOUVER

Direct investing accounts with realized gain/loss reports?

Hi,

I'm wondering if anyone here knows of any banks/financial institutions with self-directed. non-registered investing accounts that provide realized gain/loss reports at year-end for tax purposes?

I'm only looking into putting about 5k into an account right now (probably more thereafter), so I'm not sure if many places will even waive the account fees for that little, but for now I'm just trying to figure out the capital gains reports.

I'm with RBC as my bank and they've already said they only provide T5008s with information on proceeds—not cost.

Thank you so much!
9 replies
Deal Fanatic
Jun 3, 2009
5735 posts
1585 upvotes
Montreal
BMO IL and TD DI both do it the last time I heard.

However whatever discount broker that does this has a disclaimer it's an unofficial tax document so it can only be used as a reference.
Deal Expert
Mar 25, 2005
22706 posts
3697 upvotes
cleonoff wrote: Hi,

I'm wondering if anyone here knows of any banks/financial institutions with self-directed. non-registered investing accounts that provide realized gain/loss reports at year-end for tax purposes?

I'm only looking into putting about 5k into an account right now (probably more thereafter), so I'm not sure if many places will even waive the account fees for that little, but for now I'm just trying to figure out the capital gains reports.

I'm with RBC as my bank and they've already said they only provide T5008s with information on proceeds—not cost.

Thank you so much!
Don't select your broker using gains/loss reporting as a criteria. ACB tracking is simple- Google has some decent resources.
Member
Jan 21, 2012
409 posts
1124 upvotes
VANCOUVER
cn_habs wrote: BMO IL and TD DI both do it the last time I heard.

However whatever discount broker that does this has a disclaimer it's an unofficial tax document so it can only be used as a reference.
Thanks! I'll look into both—it's so frustrating that it seems hard to find this information on some of these banks' websites.

And yeah—I know they aren't supposed to be strictly relied on because of the limitations (superficial losses, etc.), but it would just be helpful to have.
Member
Jan 21, 2012
409 posts
1124 upvotes
VANCOUVER
Kasakato wrote: Don't select your broker using gains/loss reporting as a criteria. ACB tracking is simple- Google has some decent resources.
While it is true that it's not that difficult to track cost bases, I would still like to find an institution that provides a report.
Deal Expert
Mar 25, 2005
22706 posts
3697 upvotes
cleonoff wrote: While it is true that it's not that difficult to track cost bases, I would still like to find an institution that provides a report.
Virtual Brokers has begun to, however like most brokers, you still need to validate it.
Member
Jan 21, 2012
409 posts
1124 upvotes
VANCOUVER
Kasakato wrote: Virtual Brokers has begun to, however like most brokers, you still need to validate it.
Thanks! Appreciate the suggestion.

I just want the report as a year-end summary, I don't mind recalculating or tracking them myself separately, but I've found it to be nice to have something prepared by a third party too.
Jr. Member
Mar 2, 2015
101 posts
28 upvotes
Toronto, ON
cleonoff wrote: Hi,

I'm wondering if anyone here knows of any banks/financial institutions with self-directed. non-registered investing accounts that provide realized gain/loss reports at year-end for tax purposes?

I'm only looking into putting about 5k into an account right now (probably more thereafter), so I'm not sure if many places will even waive the account fees for that little, but for now I'm just trying to figure out the capital gains reports.

I'm with RBC as my bank and they've already said they only provide T5008s with information on proceeds—not cost.

Thank you so much!
RBC, BMO and CIBC will send you a report at the end of the year with the sell transactions. I think TD does as well but I don't recall.

BMO IL has an online report generating tool as well which allows you to pick 2 dates and create a PDF with Realized Gain Loss.

Also this year I was able to get all my sell transactions directly from the CRA. Studiotax went online and grab them from the MyCRA site (much easier) and then I just entered the cost.
Deal Expert
Feb 29, 2008
30106 posts
5547 upvotes
Montreal
Does questrade provide any documentation?
Deal Addict
Mar 1, 2016
1092 posts
402 upvotes
toronto
cn_habs wrote: BMO IL and TD DI both do it the last time I heard.

However whatever discount broker that does this has a disclaimer it's an unofficial tax document so it can only be used as a reference.
i don't see the ACB price on my TD statement, except for the one security i bought and sold all in same calendar year

edit: the info is available in webbroker (haven't checked that it's correct), but it's not part of the year end report (it's a menu item)

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