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T1 Capital Gains (or Losses) Calculator

This calculator allows you to determine Line 127 - Taxable capital gains

An extract from the General Income Tax and Benefit Guide concerning line 127 is provided below this calculator

Schedule 3: Capital Gains (or Losses) in 2015

For more information, see line 127 in the General Income Tax and Benefit Guide and Guide T4037, Capital Gains.

1. Qualified small business corporation shares(Report, in 3 below, publicly traded shares, mutual fund units, deferral of eligible small business corporation shares, and other shares.)
Note: If you have a business investment loss, see line 217 in the guide.(1) Year of Acquisition(2) Proceeds of disposition(3) Adjusted cost base(4) Outlays and expenses (from dispositions)Gain (or loss) (column 2 minus columns 3 and 4)
NumberName of corp. and class of shares
Total106Gain or loss107
2. Qualified farm or fishing property
Address or legal description of property disposed of before April 21, 2015Prov./Terr.
274A
Address or legal description of property disposed of After April 20, 2015Prov./Terr.
+B
Total: line A plus line B109Gain (or loss): line A plus line B110+
Mortgage foreclosures and conditional sales repossessions before April 21, 2015 - Address or legal descriptionProv./Terr.
275C
Mortgage foreclosures and conditional sales repossessions after April 20, 2015 - Address or legal descriptionProv./Terr.
+D
Total: line C plus line D123Gain (or loss): line C plus line D124+
3. Publicly traded shares, mutual fund units, deferral of eligible small business corporation shares, and other shares (Report capital gains (or losses) shown on T5, T5013, T4PS, and T3 information slips on line 174 or line 176.)
NumberName of corp. and class of shares
Total131Gain or loss132
4. Real estate, depreciable property, and other properties
Address or legal descriptionProv./Terr.
+
Total: line C plus line D136Gain (or loss): line C plus line D138+
5. Bonds, debentures, promissory notes, and other similar properties
Face valueMaturity dateName of issuer
Total151Gain (or loss)153+
6. Other mortgage foreclosures and conditional sales repossessions
Address or legal descriptionProv./Terr.
+
Total154Gain (or loss): line C plus line D155+
7. Personal-use property (full description)
+
Gain (or loss): line C plus line D158+
8. Listed personal property (LPP) (full description)
+
Note: You can apply LPP losses only against LPP gains.Subtract: unapplied LPP losses from other years-
Net gain only159+
Add lines 107, 110, 124, 132, 138, 153, 155, 158, and 159.Total of gains (or losses) of qualified properties and other properties=E
Enter the amount from line E on the previous page.F
Capital gains deferral from qualifying dispositions of eligible small business corporation shares (included in number 3 on the previous page)161-G
Line F minus line G=H
Farming and fishing income eligible for the capital gains deduction from the disposition of eligible capital property made before April 21, 2015 (for details, see Form T657)276I
Farming and fishing income eligible for the capital gains deduction from the disposition of eligible capital property made after April 20, 2015 (for details, see Form T657)+J
Farming and fishing income eligible for the capital gains deduction from the disposition of eligible capital property for the yearLine I plus line J173=K
T5, T5013, and T4PS information slips - Capital gains (or losses)174+L
T3 information slips - Capital gains (or losses)176+M
Add lines H, L, and M.=N
Capital loss from a reduction in your business investment loss178-O
Total of all gains (or losses) before reserves: line N minus line O191=P
Reserves from line 6706 of Form T2017 (if negative, show it in brackets and subtract it)192+Q
Total capital gains (or losses): line P plus line Q197=R
Multiply the amount on line 197 by 50%. Enter the taxable capital gains on line 127 of your return. If it is a net capital loss, see line 127 in the guide.Taxable capital gains (or net capital loss) in 2015199=

Extract from the General Income Tax and Benefit Guide:

Line 127 - Taxable capital gains

You may have a capital gain or loss when you dispose of property, such as when you sell real estate or shares (including those in mutual funds). Generally, if the total of your gains for the year is more than the total of your losses, you have to report 50% of the difference as income.

However, if the total of your losses for the year is more than the total of your gains, your losses for the year is more than the total of your gains, you cannot deduct the difference on your return for the year.

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