139 – Taxable capital gains
You must report all capital gains (or losses) resulting from:
- the disposition of capital property in 2024, whether voluntary (sale, transfer, exchange, donation, etc.), involuntary (expropriation, theft, etc.) or deemed (death, change in use, damage, emigration, etc.);
- a capital gain (or loss) realized in 2024 (for example, a gain for which you received an RL-16 slip from a trust or an RL-15 slip from a partnership);
- a reserve you deducted in 2023.
You may have to report a capital gain (or loss) resulting from the disposition of the following:
- personal-use property (automobile, cottage, boat, furniture, etc.), if the proceeds of disposition are more than $1,000;
- precious property (jewellery, coins, paintings, stamps, etc.), if the proceeds of disposition are more than $1,000;
- residential property (including rental property or a right to purchase) that you owned for less than 365 consecutive days, if the disposition is not considered property flipping;
- publicly traded securities for which you received an RL-18 slip, a statement of account or a transaction record;
- resource property (flow-through shares, interest in a partnership that invested in flow-through shares, etc.);
- qualified farm or fishing property or qualified small business corporation shares (including shares disposed of as part of an intergenerational business transfer);
- shares disposed of as part of a qualifying business transfer in favour of an employee ownership trust.
To calculate your capital gains (or losses), complete Schedule G. However, you can choose not to complete Schedule G if you meet both of the following conditions:
- You are filing your return on paper.
- You realized capital gains for which you received only:
- an RL-3 slip with an amount in box I-1 or I-2;
- an RL-16 slip with an amount in box A-5 or A-6.
In this case, use the amounts from the above-mentioned boxes of your RL slips to calculate your taxable capital gains. See the example below.
Example — Calculating capital gains without completing Schedule G
For the 2024 taxation year, you received the two following RL slips:
- an RL-3 slip with $100 in box I-2;
- an RL-16 slip with $220 in box A-5.
To calculate your capital gains, add box I-2 of your RL-3 slip and box A-5 of your RL-16 slip. Your total capital gains are therefore $320 ($100 + $220).
To calculate your taxable capital gains, multiply your total capital gains by 50%. For 2024, your total taxable capital gains are $160 ($320 × 50% = $160). Carry the result to line 139 of your return.
If you do not meet the above-mentioned conditions or if you sustained a capital loss, complete Schedule G.
If you want to designate a property as your principal residence, complete Part F of Schedule G.
You can get Schedule G by:
- printing it from the Income Tax Return, Schedules and Guide page;
- using our online ordering service;
- contacting us.
If you acquired, held or used cryptoassets in 2024, complete a Cryptoasset Return (form TP-21.4.39-V) to calculate the resulting capital gains (or losses) and file it with your income tax return. Failure to do so could lead to penalties.
For more information on capital gains and losses, see guide IN-120-V, Capital Gains and Losses.