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fred999

where to enter 1099-B (US) form in ufile for Windows

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I have received a 1099-B form from selling US stocks. I need to know where I enter the values in Ufile for Windows. There are amounts for "Gross Proceeds Less Commissions", "Cost or other Basis" and "Federal Income Tax Withheld". I usually receive a 1042-S but for 2018 they sent a 1099-B. Thanks

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Hello fred999,

Use of adjusted cost base (ACB) for calculation of capital gains

The following scenario is an example of how to calculate the adjusted cost base (ACB) for stocks or property that was disposed of during the current tax year in order to determine the capital gain(s):

You buy 200 units or shares of stock at a price of $20 per unit and pay $30 in brokerage fees. The adjusted cost base (ACB) for this purchase will total $4,030. (200 x $20 +$30) ACB per share is therefore $ 20.15 or ($ 4 030 / 200 shares).

A month later, you buy 125 units of the same stock at $25 per unit and pay $30 in brokerage fees. The ACB for this purchase will then be $3,155, which is $25 X 125 + $30.

 The total ACB of the shares of this company is now $ 7,185 ($4030 +  $3155). The ACB of the share is $ 22.11, or ($ 7185 /325 shares).

Then you sell 115 shares at $32 per share and pay $30 in fees.

To determine the gain (or loss) in capital, please follow these steps:

1 - In the ''Left side menu on the Interview tab'', select ''Interview setup''.
2. On the right-hand side of the screen, go to the "Investment income and expenses" group, check for "Capital gains (or losses) and capital gain history" and click on "Next" at the bottom of the page.
3 - Return to the ''Left side menu on the Interview tab'' select the ''Capital gains (or losses) & ABIL'' and on the right side of the screen, choose the option ''Stocks, mutual funds and other non depreciable property''.

4 - On the page that appears, enter the description, the number of shares sold, etc...
5 - You must enter the ''Date of disposition (dd-mm-yyyy)'' and the ''Total proceeds from the sale of the shares or property'', in this case $ 3,680 (115 x $32).
6 - You must enter the ''Adjusted cost bases of the shares or property"$2,542.65 or ($22.11 X 115 shares sold).
7 - On the line ''Expenses incurred in making the disposition'' enter the brokerage fee, in this case $30.

The program will report the amount of "Taxable capital gains (Schedule 3)" on line 127 of the Federal return and, if applicable, on line 139 of the Quebec return.

Furthermore, the program will generate Federal Schedule 3 and, if applicable, Schedule G for Quebec residents.

For more information on capital gains, please consult the following links:

For the CRA:

http://www.cra-arc.gc.ca/E/pub/tg/t4037/

For Revenu Québec:

http://www.revenuquebec.ca/en/sepf/publications/in/in-120/default.aspx

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Except Antoine did not explain how to translate USD to CAD for the purpose of Schedule 3. Different forex values apply. One at the time of acquisition and one at the time of disposition. CRA is clear on the need to use forex of the day for acquisitions and dispositions.

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