Investing

How to file taxes on unregistered account ?

  • Last Updated:
  • May 20th, 2021 7:21 am
[OP]
Member
Jul 10, 2008
276 posts
24 upvotes
North York

How to file taxes on unregistered account ?

Little late filing taxes, need a bit of guidance. As you can see, timing the market is not in my books.
TFSA maxed. 40k gross income. So around 20% tax, or 25% marginal tax.
So with my $1044 profit, I only pay 50% of capital gains on $522. Just under 20% of that is around 103 dollars.

Image

Image

How would I go about filling out number 3 on the second photo? Thank you in advance
9 replies
Deal Addict
User avatar
Feb 1, 2012
1642 posts
2491 upvotes
Thunder Bay, ON
These links explain it:
https://www.adjustedcostbase.ca/blog/ho ... tal-gains/
https://www.canada.ca/en/revenue-agency ... duals.html

The second one refers to mutual funds, but the same concept applies to stocks.

AdjustedCostBase.ca is a good online tool for calculating your ACB, although you can track it yourself with a spreadsheet, and your broker may do a good job calculating ACB, as long as you do not hold the same stock at multiple brokers.

Box 20 Book Value in your first image corresponds to Adjusted Cost Base in your second image

Box 21 Amount in your first image looks like it corresponds to Column 5 Gain or Loss in your second image. Does your broker charge $10 commission, since the Box 21 Amount is always $10 less than Quantity x Price in your first image. Proceeds of disposition is number of units sold x selling price. Outlays and expenses from dispositions is any commissions you paid to sell the shares.
I solemnly swear, to never assume I have an inkling at which direction the market will head, and to never make any investments based on a timing strategy.
Sr. Member
Jun 28, 2018
974 posts
703 upvotes
Toronto
So I guess.... do a quick double check that you have proper values in the trade summary, it looks like it might with the average cost (Book Value).

Second part of filing taxes is easy enough if you use tax software instead of paper... but if you insist. Aside from privacy etc concerns I really recommend looking into using tax software instead. There are free platforms out there.

Schedule 3:
  1. (1) Year of Acquisition when you first bought it.
  2. (2) Proceeds of Disposition is what you got after selling Column "Box 21: Amount".
  3. (3) Adjusted Cost Base = Column "Box 22: Book Value".
  4. (4) Outlays and Expenses I just leave blank as it is usually included in the Proceeds and Adjusted Cost Base
  5. (5) Gain or Loss is the corresponding column Gain/Loss
The Distracted Investor

Dividends through quality companies 😃 Though I usually lose money with trades :facepalm:
Deal Guru
Dec 5, 2006
10677 posts
5682 upvotes
Markham
Quick question regarding to tax on non registered account: does one only report capital gains and loss when you sell it? For example, if i hold one stock but didn't sell this year, do I still need report gain when i file this year tax?
Thanks
Deal Addict
Dec 4, 2011
1867 posts
1471 upvotes
Montréal
smartie wrote: Quick question regarding to tax on non registered account: does one only report capital gains and loss when you sell it? For example, if i hold one stock but didn't sell this year, do I still need report gain when i file this year tax?
Thanks
You only report gains/losses when the asset is disposed of.
Deal Guru
Dec 5, 2006
10677 posts
5682 upvotes
Markham
admiralackbar wrote: You only report gains/losses when the asset is disposed of.
Thanks

How about the dividend i get every year? I need pay tax on that, right?
Deal Addict
Dec 4, 2011
1867 posts
1471 upvotes
Montréal
You will get a T5 slip for dividends and T3 for interest/trust income every tax year
Deal Guru
Dec 5, 2006
10677 posts
5682 upvotes
Markham
admiralackbar wrote: You will get a T5 slip for dividends and T3 for interest/trust income every tax year
Thanks

That's convenient, pretty much like paying GIC
[OP]
Member
Jul 10, 2008
276 posts
24 upvotes
North York
Deepwater wrote: These links explain it:
https://www.adjustedcostbase.ca/blog/ho ... tal-gains/
https://www.canada.ca/en/revenue-agency ... duals.html

The second one refers to mutual funds, but the same concept applies to stocks.

AdjustedCostBase.ca is a good online tool for calculating your ACB, although you can track it yourself with a spreadsheet, and your broker may do a good job calculating ACB, as long as you do not hold the same stock at multiple brokers.

Box 20 Book Value in your first image corresponds to Adjusted Cost Base in your second image

Box 21 Amount in your first image looks like it corresponds to Column 5 Gain or Loss in your second image. Does your broker charge $10 commission, since the Box 21 Amount is always $10 less than Quantity x Price in your first image. Proceeds of disposition is number of units sold x selling price. Outlays and expenses from dispositions is any commissions you paid to sell the shares.
Thanks a lot, I really appreciate it. But I failed H.S. accounting, lol. First time trading outside of TFSA.
Anyone near the Bayview Village/Fairview mall area.
Can offer $100-120 for like 2hrs of work. Thanks.
Member
User avatar
Sep 18, 2016
382 posts
367 upvotes
xcentric wrote: Thanks a lot, I really appreciate it. But I failed H.S. accounting, lol. First time trading outside of TFSA.
Anyone near the Bayview Village/Fairview mall area.
Can offer $100-120 for like 2hrs of work. Thanks.
most accountants could have done all your taxes cheaper and on time.
"Do not allow yourself to become resentful, deceitful or arrogant"
Jordan B. Peterson

Top