in kind for profile

Forum|Forum|3 years ago
April 21, 2023
2 replies
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Stock sold in Kind for a charity donation slip Where do you input the capital gains to get a zero capital gain

ProFile (Canada)

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J

janisbossenberry

Level 7

Donations of capital property (like stocks) get recorded on the T1170. when you double click on the line to record the disposition, it will take you to the normal S3Details form for Capital Gains. Under Transaction Type, select 3c (Mutual fund/shares, etc. T1170 gifts). On the T1170, enter the eligible amount of the gift under column 6. The T1170 records the gain and the gain eligible for 0% inclusion rate.

Remember to also enter the donation slip itself on the Donations form, just like normal.

A

abaran

Level 2

Client donated eligible shares to a registered charity, and charity issued appropriate donation receipt.
Client's investment firm issued a T5008 showing proceeds of disposition of shares.
T5008 data now (automatically) appears on S3 showing 50% inclusion rate and a taxable amount for capital gain. (Normal, but don't want this)
I have also entered the gift of shares on T1170 which now shows NO taxable amount for capital gain. (Definitely want this)
S3 now shows both entries from T5008 and T1170.
How can I properly eliminate the entry from the T5008, since the inclusion rate should be "0%". If I omit the T5008 entry, CRA will "correct" the missing entry, since it's "in" the CRA system.

Would appreciate some direction on how to report this correctly. Thanks.