Canadian capital gains tax report makes tax time easy
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 (including foreign cash holdings) 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.
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.
If you’re not already using Sharesight, sign up for a free account to start tracking your investments.
With Sharesight, you can easily import your trading data from 16 leading Canadian brokers (plus over 200 other global brokers), including Questrade, Qtrade Investor and CIBC Investor’s Edge. Simply click Brokers in the top menu to find your broker and follow the instructions to import your trades.
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.
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.
The CGT report will give you a breakdown of any capital gains and losses over your chosen period.
You may also choose to carry forward any losses from the previous reporting period.
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.
- Read the CGT report help page.
Automatically track your dividend and distribution income from stocks, ETFs and mutual funds
Easily share portfolio access with family members, your accountant or other financial professionals so they can see the same picture of your investments as you do
Sign up for a FREE Sharesight account and get started tracking your investment performance (and tax) today.
Disclaimer: This article is for informational purposes only and does not constitute a specific product recommendation, or taxation or financial advice and should not be relied upon as such. While we use reasonable endeavours to keep the information up-to-date, we make no representation that any information is accurate or up-to-date. If you choose to make use of the content in this article, you do so at your own risk. To the extent permitted by law, we do not assume any responsibility or liability arising from or connected with your use or reliance on the content on our site. Please check with your adviser or accountant to obtain the correct advice for your situation.
Automatically import trades to your portfolio using email
Sharesight makes it easy to access award-winning performance and tax reporting with the ability to automatically import trades to Sharesight via email.
Track your J.P. Morgan trades with Sharesight
Investors trading with J.P. Morgan can automatically track their investment performance by importing their historical trading data to a Sharesight portfolio.
3 ways Sharesight helps Canadians at tax time
Are you a Canadian investor filing taxes for the 2023 financial year? Here are 3 Sharesight features that save Canadian investors time and money at tax time.