What is a Schedule 3 Capital Gains and Losses form?

The Schedule 3 tax form is used to declare your capital gains or losses. This is your profit or loss after selling or disposing of capital property. You must indicate the amount of gain or loss on your CRA Schedule 3 for real estate, shares, and mutual funds in addition to any other capital properties you have disposed of.

Some gains and losses are shown on T4PS, T5, T5013, or T3 slips. Securities transactions are also reported on a T5008 or an account statement. The CRA keeps track of your net losses which will appear on your Notice of Assessment. Capital losses that cannot be applied against capital gains in the current year can be carried back three years using Form T1A or carried forward indefinitely to reduce capital gains realized in those years.

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