Schedule G: Capital Gains and Losses

What’s in this article?

 

What is this?

Schedule G: Capital Gains and Losses is used to report capital gains or losses if, you disposed of capital property (sold or transferred shares, bonds, debts, land or buildings), or are required to report a capital gain resulting from a reserve claimed in the previous year.

Use the federal Schedule 3: Capital gains (or losses) to calculate and report capital gains or losses on your federal tax return.

 

Am I eligible?

Revenu Québec says…

If you disposed of capital property (for example, if you sold or transferred shares, bonds, debts, land or buildings), you may have to include a portion of the gain realized in your income. If your gains are greater than your losses, 50% of the excess amount must be entered on line 139 as a taxable capital gain

Your capital gains or losses on the disposition of publicly traded securities can be calculated using the information provided on your RL-18 slip or on the statement of account or transaction record received from a stockbroker or an institution.

To calculate your capital gains or losses on the disposition of capital property, complete Part A of Schedule G. If you disposed of resource property, complete Part B. If you disposed of qualified farm property, qualified fishing property or qualified small business corporation shares, complete Part C. The capital gains you enter in Part B or Part C of Schedule G may entitle you to a capital gains deduction. For more information, see the instructions for line 292.

 

Canada Revenue Agency (CRA) says…

You may have a capital gain or capital loss when you sell or transfer capital property. Some common types of capital property include land, buildings, shares, bonds, fund and trust units.

You report the disposition of capital property in the calendar year (January to December) you sell, or are considered to have sold, the property. Regardless of whether or not the sale of a capital property results in a capital gain or loss, you have to file an income tax and benefit return to report the transaction (even if you do not have to pay tax). This rule also applies when you report the taxable part of any capital gains reserve you deducted

Your capital gain or loss is reported on the Schedule 3. Schedule 3 is divided into eight sections for reporting the disposition of different types of capital properties, and to calculate the amount of taxable capital gains to enter on line 127 of your return. On line 127, enter the positive amount from line 199 on your Schedule 3. If the amount on line 199 on your Schedule 3 is negative (a loss), do not claim the amount on line 127 of your tax return. We will register it on our system. Keep track of this loss, which you can use to reduce your taxable capital gains of other years.

 

Where do I claim this?

Follow these steps in H&R Block’s tax software to file your 2015 taxes:

Important: Before you begin, ensure that you told us that you lived in QUÉBEC on December 31st of the 2015 tax year, in H&R Block’s tax software. To do this:

  1. Click the HOME tab.
  2. Click the ABOUT YOU icon, and click the Your residence link. You will find yourself here:

Once you have confirmed your residence location, complete Schedule G by following these steps:

  1. Click the PREPARE tab.
  2. Click the YOUR YEAR IN REVIEW icon. You will find yourself here:
  3. Click the checkbox labelled I had investments.
  4. Scroll to the bottom of the page and click Continue.
  5. Click the RRSPS AND INVESTMENTS icon. You will find yourself here:
  6. Under the BOUGHT/SOLD SECURITIES OR OTHER PROPERTY heading, click the checkbox labelled, Capital gains and losses (Schedule G).
  7. Scroll to the bottom of the page and click Continue.

When you arrive at the page Capital gains and losses (Schedule G), enter your information into the tax software.

 

Where can I learn more?