Taxes: How To Report Capital Gains for Various Scenarios and Clarifications
Hi RFDs,
I was wondering if some fellow RFD folks would happen to know how to file capital gains for various contexts below, as well as clarify my questions - I have bolded them accordingly. I have read some stuff from the CRA site, but I am about it but still struggling how to do it properly, what to fill out per se, and the whole FX rate factor for US gains.
I will be using SimpleTax this year, as I have used it in previous years. If anyone is familiar with how to file capital gains via this online software, I would really appreciate it your magic wisdom! If you have a cool Excel spreadsheet you use that you like to share, I would also appreciate it as well.
I recently started investing heavily last year across my TFSA, RRSP, and Non-Registerer accounts.
I made capital gains and ate some minor losses via trading in different scenarios in my non-registered account trying to learn stock trading last year. I am just not sure how to calculate them. The gains are spread across my US and Canadian holdings.
My Inquiries
Does anyone know how to calculate the following scenarios? Will I need to use multiple Schedule 3 forms for the same equity if gains were realized across the same day or several days?
Scenario A:
Day trade scalping the same stock throughout the entire day:
For example, I traded GOOS twice for .50 cent and 1 dollar gains at different periods of the same day and made a total of $700.
Scenario B:
Day traded the same stock once a day but for several days in a row for a total of $3000.
Scenario C:
Swing traded a stock for a gain of $5000 in a month.
Thank you for your feedback and help!
Can all my gains and losses across all equities be tabulated in the same Schedule 3 form? Or do I need to use separate Schedule 3 forms for each equity?
I have read that only 50% of your capital gains are taxed? In my Schedule 3 form, do I enter the full capital gains earned or do I have to divide it by half before entering them in? I wasn't sure if the tax program automatically deducts half the gains and calculates how much I owe?
How does it work for capital losses? Is it 50% as well? Is it the same process for gains?
How do you calculate US capital gains and convert them to CDN?
Thank you so much everyone!
I was wondering if some fellow RFD folks would happen to know how to file capital gains for various contexts below, as well as clarify my questions - I have bolded them accordingly. I have read some stuff from the CRA site, but I am about it but still struggling how to do it properly, what to fill out per se, and the whole FX rate factor for US gains.
I will be using SimpleTax this year, as I have used it in previous years. If anyone is familiar with how to file capital gains via this online software, I would really appreciate it your magic wisdom! If you have a cool Excel spreadsheet you use that you like to share, I would also appreciate it as well.
I recently started investing heavily last year across my TFSA, RRSP, and Non-Registerer accounts.
I made capital gains and ate some minor losses via trading in different scenarios in my non-registered account trying to learn stock trading last year. I am just not sure how to calculate them. The gains are spread across my US and Canadian holdings.
My Inquiries
Does anyone know how to calculate the following scenarios? Will I need to use multiple Schedule 3 forms for the same equity if gains were realized across the same day or several days?
Scenario A:
Day trade scalping the same stock throughout the entire day:
For example, I traded GOOS twice for .50 cent and 1 dollar gains at different periods of the same day and made a total of $700.
Scenario B:
Day traded the same stock once a day but for several days in a row for a total of $3000.
Scenario C:
Swing traded a stock for a gain of $5000 in a month.
Thank you for your feedback and help!
Can all my gains and losses across all equities be tabulated in the same Schedule 3 form? Or do I need to use separate Schedule 3 forms for each equity?
I have read that only 50% of your capital gains are taxed? In my Schedule 3 form, do I enter the full capital gains earned or do I have to divide it by half before entering them in? I wasn't sure if the tax program automatically deducts half the gains and calculates how much I owe?
How does it work for capital losses? Is it 50% as well? Is it the same process for gains?
How do you calculate US capital gains and convert them to CDN?
Thank you so much everyone!
