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Canada Revenue
Agency		 Agence du revenu
du Canada		 Protected B when completed
2024
Calculation of Capital Gains Deduction
 
Step 1 – Calculate your annual gains limit for 2024
Total of lines 10684, 10686, and 10688 of Schedule 3 (if negative, show in brackets)    1
Total amount from line 15 of Form T2017 (if negative, show in brackets)   +  2
 
Total of lines 10700, 11000, and 12400 of Schedule 3 (if negative, show in brackets)   +  3
Add lines 1 to 3 (if negative, show in brackets).   =  4
 
Total amount from lines 30 and 33 of Form T2017   –  5
 
Line 4 minus line 5 (if negative, show in brackets)   =  6
 
Inclusion rate    x               1/2  7
 
Line 6 multiplied by the inclusion rate of line 7 Total taxable capital gains or losses    
(if negative, enter "0") for 2024 for qualifying property   =  8
 
Total taxable capital gains (or net capital losses) from line 19900 of Schedule 3  
(if negative, show in brackets)    9
 
Total of amounts from lines 17599 and 17600 of  
Schedule 3 (if negative, show in brackets)      x 1/2 =   –  10
 
Line 9 minus line 10   =  11
 
Enter whichever is less: amount from line 8 or line 11. Eligible taxable    
If line 12 is "0", you cannot claim a capital gains deduction for 2024. capital gains for 2024    12
 
Net capital losses of other years deducted in 2024
(line 25300 of your 2024 return)    13
 
Net non-eligible taxable capital gains in 2024  
(line 14 of Chart A of Form T936 for 2024)   –  14
 
Adjusted net capital losses of other years:  
Line 13 minus line 14 (if negative, enter "0")   =  15
 
Allowable business investment losses from line 21700 of your 2024 return.   +  16
 
Line 15 plus line 16 Total losses for annual gains limit   = ► –  17
 
Line 12 minus line 17 (if negative, enter "0") Annual gains limit for 2024   =  18
 
T657 E (24) (Ce formulaire est disponible en français.) Canada Logo
Protected B when completed
 
Step 2 – Calculate your cumulative gains limit for 2024
 
Total taxable capital gains reported after 1984 and before 1992:
Total amount from line 127 of your returns for these years
(do not include reserves reported on property disposed of before 1985)    1
 
1992 and 1993 eligible taxable capital gains:  
Total amount from line 3 in Part 1 of Form T657 or Form T657A for 1992 and 1993   +  2
 
1994 eligible taxable capital gains:  
Amount from line 5 in Part 1 of Form T657 or T657A for 1994   +  3
 
1995 eligible taxable capital gains:  
Amount from line 7 in Part 1 of Form T657 or line 3 of Form T657A for 1995   +  4
 
1996 to 1999 eligible taxable capital gains:  
Total amount from line 8 in Part 1 of Form T657 for these years   +  5
 
2000 eligible taxable capital gains:  
Amount from line 7 in Part 1 of Form T657 for 2000   +  6
 
2001 eligible taxable capital gains:  
Amount from line 8 in Part 1 of Form T657 for 2001   +  7
 
2002 to 2024 eligible taxable capital gains:
Total amount from line 10 in Part 1 of Form T657 for 2002 to 2017, line 8 in Part 1 of Form T657		  
for 2018 to 2023, and line 12 in Step 1 of Form T657 for 2024   +  8
 
Add lines 1 to 8. Cumulative eligible taxable capital gains   =  9
Allowable capital losses claimed in 1985 shown in brackets
on line 127 of your 1985 return (maximum $2,000)    10
 
Total allowable business investment losses claimed after 1984 and before 2024:
Total amount from line 217 of your returns for 1985 to 2018 and line 21700 of		  
your returns for 2019 to 2023   +  11
 
Total net capital losses of other years claimed after 1984 and before 2024:  
Total of amounts in column G in Chart 1   +  12
 
Total losses used to calculate your annual gains limit for 2024:  
Amount from line 17 in Step 1   +  13
 
Cumulative net investment loss to December 31, 2024:  
Amount from line C in Part 3 of Form T936 for 2024   +  14
 
Total capital gains deductions claimed after 1984 and before 2024:
Total amount from line 254 of your returns for 1985 to 2018 and line 25400		  
of your returns for 2019 to 2023   +  15
 
Add lines 10 to 15.   = ► –  16
 
Line 9 minus line 16 (if negative, enter "0")
If "0", you cannot claim a capital gains deduction for 2024		    
(do not complete the rest of this form). Cumulative gains limit for 2024   =  17
 
 
T657 E (24)
Protected B when completed
 
Step 3 – Determine which charts you need to complete
 
To determine which charts you need to complete, answer the questions below by ticking yes or no.
Note: If you disposed of qualified farm or fishing property (QFFP) or qualified small business corporation shares (QSBCS)
in 2024 and are not reporting a reserve claimed in a previous year, begin at Step 3b at the bottom of this page.
 
Step 3a – Are you reporting a reserve in 2024 on dispositions of...
 
...QFFP or QSBCS to your child in 2015?   Yes  No
...QFFP to your child after April 20, 2015, and before 2016?   Yes  No
 
...QFFP or QSBCS to your child in 2016?   Yes  No
...QFFP to your child in 2016?   Yes  No
 
...QFFP or QSBCS to your child in 2017?   Yes  No
...QFFP to your child in 2017?   Yes  No
 
...QFFP or QSBCS to your child in 2018?   Yes  No
...QFFP to your child in 2018?   Yes  No
 
...QFFP or QSBCS to your child in 2019?   Yes  No
...QFFP to your child in 2019?   Yes  No
 
...QFFP or QSBCS in 2020, or an amount included in box 30 of a 2024 T3 slip and the footnote
area indicates that the property was disposed of in 2020?   Yes  No
...QFFP in 2020, or an amount included in box 30 of a 2024 T3 slip and the footnote area indicates
that the property was disposed of in 2020?   Yes  No
 
...QFFP or QSBCS in 2021, or an amount included in box 30 of a 2024 T3 slip and the footnote
area indicates that the property was disposed of in 2021?   Yes  No
...QFFP in 2021, or an amount included in box 30 of a 2024 T3 slip and the footnote area indicates
that the property was disposed of in 2021?   Yes  No
 
...QFFP or QSBCS in 2022, or an amount included in box 30 of a 2024 T3 slip and the footnote
area indicates that the property was disposed of in 2022?   Yes  No
...QFFP in 2022, or an amount included in box 30 of a 2024 T3 slip and the footnote area indicates
that the property was disposed of in 2022?   Yes  No
 
...QFFP or QSBCS in 2023, or an amount included in box 30 of a 2024 T3 slip and the footnote
area indicates that the property was disposed of in 2023?   Yes  No
...QFFP in 2023, or an amount included in box 30 of a 2024 T3 slip and the footnote area indicates
that the property was disposed of in 2023?   Yes  No
 
Step 3b – Did you dispose of...
 
...QFFP or QSBCS (including designations of taxable capital gains distributed by a trust) in 2024
before June 25, 2024 (Period 1)?   Yes  No
...QFFP or QSBCS (including designations of taxable capital gains distributed by a trust) in 2024
after June 24, 2024 (Period 2)?   Yes  No
 
T657 E (24)