When reporting capital gains and losses in Wealthsimple Tax, you don't need to enter each individual disposition. The Canada Revenue Agency (CRA) only requires:
- Your total adjusted cost base (ACB)
- Your total gain or loss (by type of investment)
To accurately report your capital gains and losses:
- Calculate your total ACB for each type of investment
- Determine your total gain or loss for each investment type
- Enter these totals in the Capital Gains (or Losses) section of your Wealthsimple Tax profile
Note: While you don't need to report individual dispositions, keep detailed records of all your transactions. The CRA may request an itemized list in the future for verification purposes.
Tips for good record-keeping:
- Save all transaction confirmations
- Maintain a spreadsheet of your investments, including purchase dates, sale dates, and amounts
- Keep records for at least six years after the tax year they relate to
For more information on reporting capital gains and losses, visit the CRA's website on capital gains.
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