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Does Ufile calculate capital losses automatically?


CoryBK76
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Last year I traded stocks very frequently. Unfortunately, I also ended up with a large capital loss. On Ufile, I have downloaded and included all the tax slips for each transaction. So does Ufile automatically calculate my capital loss, given the ACB and the proceeds from disposition? Or do I have to manually do this calculation myself and type in the number into Ufile?

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I don't understand the term 'tax slips' from your post because there are no tax slips per se.....except for a T5008 which is what you may be referring too.

If you have included all the transactions in the Capital Gains (and Losses) section of the software, including acquisition cost (and date) and net proceeds (and date), in CAD funds, Ufile does the calculation for Schedule 3.

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10 hours ago, AltaRed said:

I don't understand the term 'tax slips' from your post because there are no tax slips per se.....except for a T5008 which is what you may be referring too.

If you have included all the transactions in the Capital Gains (and Losses) section of the software, including acquisition cost (and date) and net proceeds (and date), in CAD funds, Ufile does the calculation for Schedule 3.

Thanks for the reply. And sorry, for tax slips I did mean T5008. I used CRA auto-fill to get all the T5008s into Ufile. However, all the date lines are blank. Does this mean I have to manually type in the dates for every trade?

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Acquisition and Disposition dates are likely not critical but you will likely have to fill out (or validate) the Acquisition Cost amounts for each transaction anyway, in order to calculate capital gains/losses, so why not?  T5008 tax slips should have no entries in Box 20 (Cost/Book Value)  and you have to fill that out yourself from your own records (Trade Confirmations, Annual Trading Summaries, etc). If your T5008 does include Box 20 Cost/Book Value from your brokerage, it is still your responsibility to be sure those entries are right. Brokerages will (should) have a disclaimer regarding Box 20 on their T5008.

UFile will calculate capital gains/losses as long as you have both Acquisition and Disposition data entered in each T5008 entry line.

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