Adam123456 Posted April 8, 2023 Report Share Posted April 8, 2023 I've received some shares from my company. About half the shares were sold to cover tax as soon as I received them, and according to a page on the company wiki I need to report these as "sell-to-cover transactions": Special Note: Sell-To-Cover Transactions For shares sold within 30 days of a vest (i.e. including sell to cover transactions), the cost basis should be reported based on the specific share sold, typically agreeing to your Morgan Stanley Statements. The average method for determine cost basis is not used, however, the tax return needs to specifically and separately identify (known as 7(1.31) designation) these shares. Please refer to Part 3 (page 11) on how the designation should be made. The document then gives an example of what a Schedule 3 looks like with these "sell to cover" transactions separated out: I've been able to use "autofill my return" to get all the forms I need related to non sell-to-cover sales, but I don't see anywhere in Ufile to report these kinds of sell-to-cover/7(1.31) transactions. Does anyone know how I can enter these? Quote Link to comment Share on other sites More sharing options...
Curmudgeon Posted April 9, 2023 Report Share Posted April 9, 2023 Can't you just add the Sell to ... to the security name in the name box? If it fits, it will show up exactly as shown in the example. Quote Link to comment Share on other sites More sharing options...
Adam123456 Posted April 10, 2023 Author Report Share Posted April 10, 2023 Thanks for the reply. I suppose I could do that, though since the shares vested in a Fidelity.com account I'm not sure if I can get a T5008 from them for the "sell to cover transaction"s. As a consequence I'm not sure in which Ufile section to enter them, since I gather I can't create a T5008 for these by myself, even though I do have statements from Fidelity showing how many shares were sold to cover taxes. Maybe I can add a "Stocks, mutual funds and other non depreciable property" entry for them under Capital gains and ABIL? I'll give that a try and see if I can get the Schedule 3 to show up the way I need it to, and double check with an accountant that I'm not doing something I shouldn't be! Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 13, 2023 Report Share Posted April 13, 2023 Hello Adam123456, Regarding the Capital Gain reporting and the two issues of : 1. The stock options 2. ITA sec 7(1.31) designation Please contact UFile Support so we may review the file confidentially. Please open a request ticket and submit an anonymous file for review on-line at https://www.ufile.ca/contact/contact-us ATTN : Geo Quote Link to comment Share on other sites More sharing options...
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