T1-2024 Capital Gains or Losses Schedule 3

Complete this schedule to calculate your taxable capital gains to report on line 12700 of your return. If you realized a capital gain on a disposition, you may be able to claim a capital gains deduction for a qualifying business transfer (line 25395) or capital gains deduction (line 25400).

For more information about capital gains or losses, including business investment losses, go to canada.ca/taxes-capital-gains.
For help completing this schedule, see Chapter 2 of Guide T4037, Capital Gains.

If you need more space, attach a separate sheet. Attach a copy of this schedule to your paper return.

How to complete this schedule

Part 1 - Complete this part if you disposed of property in 2024 that was your principal residence and that you are claiming a principal residence exemption for.
 
Part 2 - Complete this part if you disposed of a housing unit, or a right to acquire a housing unit, located in Canada (including a rental property) that was not already considered inventory and was owned for less than 365 consecutive days before the disposition.
 
Part 3 - Complete this part to report the disposition of different types of property during Period 1 (January 1 to June 24, 2024) and Period 2 (June 25 to December 31, 2024).
 
Part 4 - Complete this part to calculate your total capital gains or losses for periods 1 and 2.
 
Part 5 - Complete this part to calculate your taxable capital gains or net capital loss.
     

If you have a net capital loss

Do not report your net capital loss for 2024 on line 12700 of your return. You can carry it forward indefinitely and apply it against a taxable capital gain in the future. Your net capital loss, if any, will appear on your 2024 notice of assessment or reassessment.

If you would like to apply the net capital loss you incurred in 2024 against taxable capital gains you reported on your 2021, 2022 or 2023 return, complete Form T1A, Request for Loss Carryback.

Note:
If you are completing this schedule for a deceased person, go to canada.ca/taxes-deceased/net-capital-loss.


Part 1 - Principal residence

Complete Form T2091(IND), Designation of a Property as a Principal Residence by an Individual (Other than a Personal Trust), or Form T1255, Designation of a Property as a Principal Residence by the Legal Representative of a Deceased Individual, whichever applies.

A deemed disposition occurs when you are considered to have disposed of property even though you did not actually sell it. For example, a deemed disposition may occur when you change how you use your principal residence, such as when you change all or part of your principal residence to a rental or business operation, or change your rental or business operation to a principal residence.

If you were not a resident of Canada for the entire time you owned the designated property, your period of non-residence may reduce or eliminate the amount of the principal residence exemption. For more information, see Income Tax Folio S1-F3-C2, Principal Residence.


Principal residence designation
Tick the box that applies to your designation of the property described on Form T2091(IND) or Form T1255.
 
17900   1 I designate the property as my principal residence for all of the years that I owned it or for all of the years that I owned it except one year.
  2 I designate the property as my principal residence for some but not all of the years that I owned it.
  3 I designate the properties as my principal residences for some or all of the years that I owned them.
         
 
2

Part 2 - Flipped property

A flipped property is a housing unit (including a rental property) located in Canada or a right to acquire a housing unit located in Canada that you owned or held, for less than 365 consecutive days before its disposition (12-month holding period). A property is not considered a flipped property if it was already considered to be inventory or was owned or held for 365 or more consecutive days before its disposition or if the disposition occurred due to, or in anticipation of, certain life events as listed at line 17906 below.

If you disposed of a flipped property, the resulting gain on the disposition is taxable as business income and not as a capital gain. To report this transaction, complete Form T2125, Statement of Business or Professional Activities

For more information about property flipping, go to canada.ca/cra-property-flipping.


Did you dispose of a housing unit, or a right to acquire a housing unit, located in Canada (including a rental property) that was not already considered inventory and was owned for less than 365 consecutive days before the disposition? 17905 Yes  No
 

If no, the housing unit is not considered a flipped property and any gain from the disposition of the property is taxable as a capital gain.

If yes, was the disposition due to, or in anticipation of, any of the following life events?
Tick the boxes that apply, if any:

 
17906   1 the death of the taxpayer or a related person
  2 a related person joined the taxpayer’s household or the taxpayer joined a related person's household (for example, to move in with a spouse or common-law partner, for the birth of a child, adoption, or care of an elderly parent)
  3 the breakdown of a marriage or common-law partnership where the taxpayer had been living separate and apart from their spouse or common-law partner for at least 90 days before the disposition
  4 a threat to the personal safety of the taxpayer or a related person (for example, domestic violence)
  5 a serious disability or illness of the taxpayer or a related person
  6 the eligible relocation of the taxpayer or their spouse or common-law partner where the taxpayer's new home is at least 40 kilometres closer to the new work location or school (generally, an eligible relocation allows the taxpayer to carry on business, be employed or attend full-time post-secondary education)
  7 the involuntary termination of employment of the taxpayer or their spouse or common-law partner
  8 the insolvency of the taxpayer (for example, due to an accumulation of debt)
  9 the destruction or expropriation of the taxpayer's property (for example, when the property is destroyed due to natural or man-made disaster)
 

If you answered yes at line 17905 and one or more of the life events above apply to you, the housing unit is not considered a flipped property and any gain from the disposition of the property is taxable as a capital gain. For more information, go to canada.ca/real-estate-income.

If you answered yes at line 17905 and none of the life events above apply to you, the housing unit is considered a flipped property and the gain is taxable as business income. To report this transaction, complete Form T2125, Statement of Business Income or Professional Activities. For more information, go to canada.ca/taxes-businesses-income or see Guide T4002, Self-employed Business, Professional, Commission, Farming, and Fishing Income.

                   
 
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Part 3 - Total gains or losses on dispositions

Report all negative amounts (losses) using brackets.

Period 1: Dispositions between January 1 and June 24, 2024

 

Property type		 (1)
Year
acquired		 (2)
Proceeds of disposition		 (3)
Adjusted
cost base		 (4)
Outlays and expenses		 (5)
Gain (or loss)
(column 2 minus columns 3 and 4)
                 
Qualified small business corporation shares (QSBCS)
Number Name of corp. and class of shares
Total 10683 Gain(or loss) 10684  1 
Qualified farm or fishing property (QFFP)
Address or legal description
Total 10685 Gain(or loss) 10686+  2 
 
QFFP: Mortgage foreclosures and conditional sales repossessions
Address or legal description
Total 10687 Gain(or loss) 10688+  3 
Publicly traded shares, mutual fund units, deferral of eligible small business corporation shares, and other shares
Number Name of fund/corporation and class of shares
Total 10689 Gain(or loss) 10690+  4 
Real estate, depreciable property and other properties (see principal residence and property flipping on pages 1 and 2)
Address or legal description
Total 10691 Gain(or loss) 10692+  5 
Bonds, debentures, promissory notes, crypto-assets, forgiven debts, and other similar properties
Face value Maturity date Name of issuer
Total 10693 Gain(or loss) 10694+  6 
Other mortgage foreclosures and conditional sales repossessions
Address or legal description
Total 10695 Gain(or loss) 10696+  7 
Personal-use property (see principal residence and property flipping on pages 1 and 2)
Gain(or loss) from T2091 
Gain(or loss) 10697+  8 
Listed personal property (LPP) (LPP losses can only be applied against LPP gains)
Subtract: unapplied LPP losses from other years (see Guide T4037 if you have LPP net losses in Period 1)
. Net gain only 10698+  9 
                 
Add lines 1 to 9. Total gains or losses of qualified properties
and other properties for Period 1		 =  10
 
 
4

Part 3 - Total gains or losses on dispositions (continued)

Report all negative amounts (losses) using brackets.

Period 2: Dispositions between June 25 and December 31, 2024

 

Property type		 (1)
Year
acquired		 (2)
Proceeds of disposition		 (3)
Adjusted
cost base		 (4)
Outlays and expenses		 (5)
Gain (or loss)
(column 2 minus columns 3 and 4)
                 
Qualified small business corporation shares (QSBCS)
Number Name of corp. and class of shares
Total 10699 Gain(or loss) 10700  1 
Qualified farm or fishing property (QFFP)
Address or legal description
Total 10999 Gain(or loss) 11000+  2 
 
QFFP: Mortgage foreclosures and conditional sales repossessions
Address or legal description
Total 12399 Gain(or loss) 12400+  3 
Publicly traded shares, mutual fund units, deferral of eligible small business corporation shares, and other shares
Number Name of fund/corporation and class of shares
Total 13199 Gain(or loss) 13200+  4 
Real estate, depreciable property and other properties (see principal residence and property flipping on pages 1 and 2)
Address or legal description
Total 13599 Gain(or loss) 13800+  5 
Bonds, debentures, promissory notes, crypto-assets, forgiven debts, and other similar properties
Face value Maturity date Name of issuer
Total 15199 Gain(or loss) 15300+  6 
Other mortgage foreclosures and conditional sales repossessions
Address or legal description
Total 15499 Gain(or loss) 15500+  7 
Personal-use property (see principal residence and property flipping on pages 1 and 2)
Gain(or loss) from T2091 
Gain(or loss) 15800+  8 
Listed personal property (LPP) (LPP losses can only be applied against LPP gains)
Subtract: unapplied LPP losses from other years (see Guide T4037 if you have LPP net losses in Period 2)
. Net gain only 15900+  9 
                 
Add lines 1 to 9. Total gains or losses of qualified properties
and other properties for Period 2		 =  10
 
 
5

Part 4 - Total capital gains or losses

Report all negative amounts (losses) using brackets.

Period 1 Period 2
Amounts from line 10 for periods 1 and 2  11
Capital gains deferral from qualifying dispositions of eligible small business corporation shares included on line 4 16099 - 16100 -  12
Line 11 minus line 12 = =  13
Capital gains or losses from your T5, T5013 and T4PS slips 17399 + 17400 +  14
Capital gains or losses from T3 slips 17599 + 17600 +  15
Add lines 13 to 15. = =  16
Capital loss from a reduction in your business investment loss 17799 - 17800 -  17
Total of all gains (or losses) before reserves:
line 16 minus line 17		 19099 = 19100 =  18
Reserves to be included in income from Form T2017 19199 + 19200 +  19
 
Line 18 plus line 19 Total capital gains or losses 19699 = 19700 =  20
                 

Part 5 - Taxable capital gains or net capital loss
 
Line 19699 plus line 19700 (from line 20 above)  21
Inclusion rate x 50%  22
Line 21 multiplied by the percentage on line 22
If positive, enter the result on line 12700 of your return.
If negative, see "If you have a net capital loss" on page 1.		 Total taxable capital gain
(or net capital loss) for 2024		 19900 =  23