Investment Tax Record Keeping

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What method would you recommend for record keeping of track of tax obligations (e.g. capital gains, dividends, ACB,…) for non-registered accounts? A spreadsheet, turbotax/quicken, sharesight ?

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Asked on January 6, 2021 11:20 pm
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A great way to keep track of the pesky Adjusted Cost Base is http://adjustedcostbase.ca/.

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Posted by Peter Green
Answered on January 10, 2021 5:32 pm
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I guess that really depends on how much you're trading. If you're accumulating capital gains (and losses) at a consistent pace, a well formulated excel spreadsheet can save you a lot of headache.

Or, your brokerage SHOULD provide you with detailed transaction documents that you could print off, calculate and keep track of on a monthly basis.

You also should receive either a T3 (if you're a unitholder) or a T5 (if you're a shareholder) tracking your dividends.

Just remember that capital gains, dividends, and interest income are taxed all at different rates. So, you may want to create 3 separate sheets, depending on if you have taxable income from all 3 methods of income.

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Posted by Dan Kent
Answered on January 7, 2021 8:40 am