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Question

Need help finding a T658 Capital Gains Deduction form in TurboTaxLive Assist

Forum|Forum|3 years ago
April 14, 2022
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I need to file a Capital Gains Exemption for shares of a Qualified Small Business Corporation that I sold in 2021.

To enter Capital Gains Deduction for qualified small businesses in TurboTax Online follow the steps given below: -

First of all, click on the "Find" (Magnifying Glass) option on the upper side of your screen in your tax file
Type "Capital", and click on "GO"
Select "Claim Capital Gains Deduction on sale of Qualified Farming property, Fishing property, or Qualified Small Business Shares", and click on "Continue"
On the next page fill out all details, and click on "Done"
Click on "Done with capital gains", and click again on "Continue"
On the page named "Calculating Your Capital Gains Deduction," capital gain deductions must be added.
Click on "Continue" to save all details entered.

For more information on Form T657 of Capital Gains Deductions visit this page of the Canada Revenue Agency: - T657 Calculation of Capital Gains Deduction for 2021

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