[Terry McBride]

When reporting capital gain for donating appreciated shares to charity, I enter the capital gain on form T1170. This amount carries over to line 132 of Schedule 3. Then, half or the full amount of the T1170 gain is subtracted at line 193. This is fine if there are no other share dispositions to report.

However, what becomes really confusing is when there are other capital gains and losses from share dispositions. Both the tax preparer and CRA will too easily think there is something wrong with the addition at line 132 which implicitly includes the T1170 gain. Please modify the Profile Schedule 3 to explicitly display the T1170 capital gain.

I wasted a lot of valuable time trying to figure out what was going on because all I could see on Schedule 3 was the gain being subtracted on line 193.

[Hardev@Intuit]

Terry McBride, on Mar 23 2007, 04:44 PM, said:

When reporting capital gain for donating appreciated shares to charity, I enter the capital gain on form T1170. This amount carries over to line 132 of Schedule 3. Then, half or the full amount of the T1170 gain is subtracted at line 193. This is fine if there are no other share dispositions to report.

However, what becomes really confusing is when there are other capital gains and losses from share dispositions. Both the tax preparer and CRA will too easily think there is something wrong with the addition at line 132 which implicitly includes the T1170 gain. Please modify the Profile Schedule 3 to explicitly display the T1170 capital gain.

I wasted a lot of valuable time trying to figure out what was going on because all I could see on Schedule 3 was the gain being subtracted on line 193.

Hello Terry:

I have forwarded your suggestion to Profile T1 Development Team and this will be included in the list of features to be implemented in a future release of Profile T1.

Thank you for your suggestion.

Regards,

Hardev Koonar
Intuit Canada