BlogSharesight Features & Tips

Canadian Capital Gains Tax Report makes tax time easy

by David Olsen, Content Manager, Sharesight

Sharesight’s Capital Gains Tax Report is the ultimate CGT calculator for Canadian investors. A convenient way to save time and money on your taxes, the report automatically calculates your CGT obligations and can be easily shared with an accountant or financial advisor. You can also run the report at any time, over any selected period, which means fewer surprises when the next tax season rolls around.

The Sharesight Canadian CGT Report calculates capital gains (and losses) made on investments according to Canada Revenue Agency (CRA) rules using the ‘adjusted cost base (ACB)’ sale allocation method, and is available in our Investor and Expert plans.

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Why calculate your capital gains with Sharesight’s Canadian CGT Report?

Not only are capital gains a requirement for Canadian tax reporting, but they are also an important factor in calculating your portfolio’s returns. Without using a CGT calculator, however, it can be difficult and time-consuming to accurately keep track of capital gains in your portfolio. While most brokers provide investors with some of the information they need to calculate their own capital gains, it becomes complicated for investors with large portfolios, especially those who trade frequently, have foreign investments or trade through more than one broker. Sharesight’s CGT calculator is just one of many convenient features that can help Canadians save time and money on their investments and taxes.

How to calculate your CGT with Sharesight

1. Sign up for a Sharesight account

If you’re not already using Sharesight, sign up for a free account to start tracking your investments.

2. Import your holdings

Use Sharesight’s broker import function to add holdings from 12 leading Canadian brokers (plus more than 150 global brokers), including Questrade, Qtrade Investor and CIBC Investor’s Edge. Alternatively, you can add your holdings manually or via a spreadsheet file.

3. Confirm your tax settings

Because Sharesight allows you to track multiple portfolios (tax entities) that may involve different tax settings (for instance, RRSP/RFIP portfolios), you will want to confirm/update your portfolio’s discount rate before running the CGT Report. To do that, go to Settings > Tax Settings.

4. Run the Canadian Capital Gains Tax Report

From the Reports menu, select the Capital Gains Tax Report. You will have the option to set a custom date range or choose from preset options such as the current or last financial year.

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5. Review your report

The CGT Report will give you a breakdown of any capital gains and losses over your chosen period.

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6. Carry forward your losses

You may also choose to carry forward any losses from the previous reporting period.

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7. Download your CGT Report

The CGT Report can be downloaded to a range of different file formats, including Excel, PDF and Google Sheets, which makes it easy to share with your accountant.

Need more help?

Track your capital gains using Sharesight

Thousands of investors like you are using Sharesight to simplify their tax reporting and discover the true performance of their investments. What are you waiting for? Sign up today and:

Sign up for a FREE Sharesight account and get started tracking your investment performance (and tax) today.

The above article is for informational purposes only and does not constitute a product recommendation, or taxation or financial advice and should not be relied upon as such. Please check with your adviser or accountant to obtain the correct advice for your situation.

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