Turbotax: T2125 & Capital Loss/Gains


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Q: How does one declare capital gains and losses? How does one access T2125?

A: Uncheck any boxes under professional Income

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Relevant Material: "It’s the dream of many Canadians to run their own business and husband-and-wife teams aren’t at all uncommon. When it comes to taxes, how you declare business income has more to do with how your business is set up than your marital status. The most common business structures in Canada are sole proprietorships, partnerships and corporations. Corporations are, for tax purposes, a separate entity and sole proprietors are, well, sole, so the partnership is the most likely tax situation married small business owners will encounter..." (Google)
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Relevant Material: "Use the t2125 form to report either business or professional income and expenses. This form combines the two previous forms, T2124, Statement of Business Activities, and T2032, Statement of Professional Activities..." (www.cra.gc.ca)
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