Step 3 - Total current year capital gains
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End of attention
If you do not have any capital gains from collectables, add up all your capital gains from step 2 and write this amount at H Total current year capital gains item 17 on your tax return (supplementary section), or item 9 if you use the Tax return for retirees.
If you have a capital gain from collectables, deduct any capital losses from collectables (including unapplied net capital losses from earlier years from collectables). Do not deduct capital losses from other capital gains at this stage.
Any capital gain remaining is added to all your other capital gains from step 2. Write the total amount at H item 17 on your tax return (supplementary section), or at item 9 if you use the Tax return for retirees.
If you received (or are entitled to receive) a distribution from a trust that includes a net capital gain, you also need to include this amount here in your total capital gains. Do not include this amount as a distribution from the trust at item 12 Partnerships and trusts on your tax return (supplementary section).
If your capital gains from collectables were reduced to zero when you applied your losses from collectables - and you still have capital losses from collectables remaining - make a note of this amount.
This capital loss can be carried forward to future years (see step 9) and will be recorded at V Net capital losses carried forward to later income years item 17 on your tax return (supplementary section), or item 9 if you use the Tax return for retirees.
Last modified: 25 May 2020QC 27893