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Canadian Capital Gains Tax Report

by Doug Morris, CEO, Sharesight

We’re pleased to announce a major upgrade for our Canadian users, a Canadian specific Capital Gains Tax Report.

This report calculates capital gains (and losses) made on investments according to the Canada Revenue Agency (CRA) rules using the ‘Average’ sale allocation method and is available in our Investor and Expert plans.

Canadian Capital Gains Tax Report - featured

Most investors wait on a static PDF report from their broker, advisor, or investment manager to explain the impact of capital gains on their portfolios. Unfortunately, this information doesn’t tell the story of your entire portfolio and is sent just before tax time. With Sharesight, this information is available in real time as you make investment decisions throughout the year.

Many investors will pay an accountant or tax professional an hourly rate to work out capital gains on their behalf. That’s admin work that Sharesight automates, and that’s money you could have used to invest.

Furthermore, 70% of our clients relied on a spreadsheet before finding Sharesight, and we know that capital gains is one of the major pain points for self-directed investors in Canada. Tracking buys and sells across an entire portfolio, over many years in Excel is time consuming and difficult.

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Sharesight not only tracks the dates and amounts of your transactions, but the fees you pay, dividends collected (including DRIPs), and corporate actions. This means your accurate, up to date capital gains position is just one click away.

For those tempted to rely on their “trusty” spreadsheets, chances are you’ve committed hours to keeping it up to date manually and there’s a high probability of manual error.

Many investors will pay an accountant or tax professional an hourly rate to work out capital gains on their behalf. That’s admin work that Sharesight automates, and that’s money you could have used to invest. In the worst case scenario, some investors find it all too difficult and will make uninformed investment decisions as a result.

Sharesight makes it easy to identify the tax implications of your trading history, helps automate your tax prep, and will lower your investment costs.

For more information, please refer to the Canadian CGT Report post in the Sharesight community forum.