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More Alphabet Soup – Tax Slips You Can Expect And What They Are

Very soon, you will begin to receive tax slips from your employer, financial institution or other sources. Different tax forms are prepared for different reasons and the number & name may have cryptic meaning. Here is a list of the various tax slips that you can expect to receive this year and what they mean.

Capital Gains Tax Slips?

If you have read through this list and were looking for the tax slip you use to report your capital gains, you may have noticed it conspicuously missing.

You may see some capital gains on your T3. These are net capital gains allocated to your by the trust itself. However, if you own individual securities in your investment account or if you have sold mutual funds, you will not receive a tax slip showing the capital gain.

The cost base [4] of your investments can be calculated by you and is the weighted average cost of all the individual investment. Your investment broker does not really know if you own the same securities elsewhere.

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