If you have an amount in box 30 of your T3 slip (Statement of Trust Income Allocations and Designations), follow these steps to report it correctly in Wealthsimple Tax:
- Add the Trust Allocations section to your profile
- Enter the amount from box 30 as shown on your T3 slip
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In the footnotes section, you'll see two new fields:
- Amount for qualified small business corporation shares included in box 30
- Amount for qualified farm or fishing property included in box 30
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Enter the amounts as specified in your T3 slip footnotes
- If not specified, enter the entire amount as "qualified small business corporation shares"
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Adding these amounts will add the Capital Gains Deduction section to your profile
In the Capital Gains Deduction section:
- You'll be able to see your calculated capital gains deduction in the Chart: Calculating net capital losses of other years
- You can choose to deduct a lesser amount if desired
- Answer whether you've claimed a business investment loss or capital gains deduction in prior years
If you answer "Yes" to prior claims:
- Additional fields will appear to enter historical information about your capital gains and losses
- This helps ensure your deduction is calculated correctly
Important notes:
- If you've claimed a reserve in a prior year or are claiming one this year, complete Form T2017 first
- Capital gains reserves are different from capital gains deferrals
- If you're unsure or there's no specification in the footnotes, enter the entire amount as "qualified small business corporation shares"
Remember:
- Always enter information exactly as it appears on your T3 slip
- Keep your T3 slip and any related documents for your records
- Capital gains situations, especially involving qualified small business corporation shares, can be complex
If you're dealing with capital gains reserves and deferrals, or have questions about reporting your capital gains, consider consulting with a tax expert.
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