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I need help with Taxes in Canada - Just a few simple questions and advice?
I got a settlement last year for a few hundred thousand and invested some in the stock markets. Because of the United states...uh..I mean the stock market crash I lost about maybe $20 000 - $30 000. Technically though I could make that back if the markets recover.
I have my T3 and T5 slips, so do I just put all the information from those and that's it or do I need to put in other imformation for capital gains and losses?
2 Answers
- 1 decade agoFavorite Answer
Your comment about the market recovering suggest you still hold the stocks. That being the case, you have no loss to report. You only report capital losses or gains when they are realized (sold)
- Joe SLv 51 decade ago
Any dispositions(sales) of securities must be reported on your tax return. If the $20,000 to $30,000 was unrealized meaning you did not sell anything then just report your T3, T5. Don't forget to report everything on your tax return in Canadian dollars.
