Create Schedule 3

Schedule 3: What Is It?

A Schedule 3 form is used by the Canada Revenue Agency for tax reporting and filing purposes. It is known as a Capital Gains or Losses form. This form is a supplemental form that will be submitted with the general tax return for the year. The form is used to detail more specific information about capital gains and losses from the tax year.

This form will require detailed information about capital gains and losses. The filer will also need to detail what type of entity these gains or losses occurred in. This could be small business corporations, farm property, shares, mutual funds, or other entities. The amounts for each gain and loss will be total to come up with the net gain or loss for the year. This amount will be used to calculate the amount of taxes either owed to the Canada Revenue Agency or due to the taxpayer.