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Studio tax ....tax prep software .Does it take care of capital gain from equity sale?

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  • Mar 25th, 2017 11:32 pm
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[OP]
Deal Addict
Mar 16, 2015
1039 posts
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Toronto, ON

Studio tax ....tax prep software .Does it take care of capital gain from equity sale?

Sorry folks,
Posting it here in investing section rather than personal finance because I know for sure lot more folks in this forum actually have capital gains..

As I never realised capital gains till now so I am not aware how to file tax for that. I have been using Studio tax which works great if you simply have a salary income and some interest income...

Has anyone over here has realised capital gains in his/her non registered account and has used studio tax for tax filing? Does it work fine?

TIA
9 replies
Deal Addict
Mar 8, 2013
1257 posts
324 upvotes
CocoJambo wrote:
Jan 8th, 2016 11:30 am
Sorry folks,
Posting it here in investing section rather than personal finance because I know for sure lot more folks in this forum actually have capital gains..

As I never realised capital gains till now so I am not aware how to file tax for that. I have been using Studio tax which works great if you simply have a salary income and some interest income...

Has anyone over here has realised capital gains in his/her non registered account and has used studio tax for tax filing? Does it work fine?

TIA
Just add schedule 3 using the Forms icon, then fill it out
Deal Addict
Mar 8, 2013
1257 posts
324 upvotes
I thought of 2 other relevant points, as I just tried the 2015 version:

1. if you have capital losses from other years, you must enter those as well via line 253, unless the software carries it forward for you.

2. if you have tax slips with capital gains dividends (e.g. mutual funds), it is different. You just need to enter the numbers from the tax slips and the software does the rest (in schedule 3).

so in summary, it works fine if you know where to enter the numbers
[OP]
Deal Addict
Mar 16, 2015
1039 posts
112 upvotes
Toronto, ON
akaManny wrote:
Jan 9th, 2016 3:41 pm
I thought of 2 other relevant points, as I just tried the 2015 version:

1. if you have capital losses from other years, you must enter those as well via line 253, unless the software carries it forward for you.

2. if you have tax slips with capital gains dividends (e.g. mutual funds), it is different. You just need to enter the numbers from the tax slips and the software does the rest (in schedule 3).

so in summary, it works fine if you know where to enter the numbers
Thanks..
I have sold some etfs like VFV for profit in 2015 hence the capital gain in my margin account. No mutual fund.
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Jul 4, 2005
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I imported my data from CRA and I see the past 6-7 years of a few hundred dollars in capital gains..how do I figure out where this is coming from? I don't recall having anything non-TFSA. Maybe I have something through work, but is there an easy way I can identify the source?
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Feb 4, 2015
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jeeva86 wrote:
Mar 20th, 2017 7:39 pm
I imported my data from CRA and I see the past 6-7 years of a few hundred dollars in capital gains..how do I figure out where this is coming from? I don't recall having anything non-TFSA. Maybe I have something through work, but is there an easy way I can identify the source?
It might not necessarily be thru a sale of an equity/mutual fund... could be from a tax slip.
Deal Addict
Dec 6, 2006
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Toronto
jeeva86 wrote:
Mar 20th, 2017 7:39 pm
I imported my data from CRA and I see the past 6-7 years of a few hundred dollars in capital gains..how do I figure out where this is coming from? I don't recall having anything non-TFSA. Maybe I have something through work, but is there an easy way I can identify the source?
Logon to CRA, it has all the tax slips.
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Jul 4, 2005
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boyohboy wrote:
Mar 21st, 2017 9:09 am
Logon to CRA, it has all the tax slips.
wow, in all my years, i didn't know this was available, thanks...poking around there to see where the gap is
Deal Addict
Dec 6, 2006
3460 posts
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Toronto
jeeva86 wrote:
Mar 25th, 2017 12:50 am
wow, in all my years, i didn't know this was available, thanks...poking around there to see where the gap is
I think it's new this year, pretty sure not there during last year's. Definitely very helpful

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