Your feedback is noted.The Form T657 acts as a calculation worksheet, but in TurboTax, you don't typically "fill out" the form manually in EasyStep. Instead, you enter the raw data into the Capital G...
See more...
Your feedback is noted.The Form T657 acts as a calculation worksheet, but in TurboTax, you don't typically "fill out" the form manually in EasyStep. Instead, you enter the raw data into the Capital Gains and Investment Profile sections, and the software "builds" the T657 in the background.
That form is a worksheet; It cannot be found in Easy Step https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/t657/t657-25e.pdf
Click on the Find icon (magnifying glass) in the top right menu.
Type "Investments" or "Capital Gains" and select it from the list, then click Go.
On the Your Capital Gains Profile page, you must check the box for "Qualified small business corporation shares" or "Qualified farm and fishing property." *Note: The T657 will not appear if you only select "stocks, bonds, or mutual funds," as standard stock gains do not qualify for this deduction.
Enter the details of your sale (Proceeds, Adjusted Cost Base, and Outlays).
Once the software recognizes a gain on "Qualified" property, it will automatically trigger a series of questions regarding your Lifetime Capital Gains
Complete the T657 Questions:
The interview will ask if you have claimed this deduction in prior years. You will need your Notice of Assessment or previous tax returns to enter the "Total capital gains deductions claimed in prior years."
The software will then ask for CNIL (Cumulative Net Investment Loss) data. This is where you enter interest expenses or investment losses from prior years that might reduce your eligible deduction for the current year.
