Reporting foreign capital gains on S3 or Sheet called "Foreign", it seems to me they are the same information in different formats? Thanks for clarifying. No T5008 forms.

Answer

I always use the S3Details form in the income module, and not the Foreign Income reporting form. That latter form might be usable for reporting some capital gains on "non-investment" type assets where the underlying details of a transaction are not fully available.

For the S3Details form, there is a lot more space to record information such as date of sale, proceeds, ACB, and costs of selling. You could insert the exchange rate in that form, but I prefer to record that separately on a spreadsheet in my working paper files so just report the Canadian dollar equivalent on the form. 

Was this answer helpful? Yes No
Default user avatars original
AllStar

No answers have been posted

More Actions

People come to ProFile for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach: