T657: Calculation of Capital Gains Deduction
T657 is the Canada Revenue Agency form individuals use to calculate the capital gains deduction, the lifetime exemption available on qualifying small business shares and qualified farm or fishing property.
This is the genuine CRA PDF, unmodified. Source: CRA official page.
What is T657?
T657, Calculation of Capital Gains Deduction, is a Canada Revenue Agency form that individuals use to work out the capital gains deduction they can claim in the year. The deduction applies to gains from disposing of qualified small business corporation shares and qualified farm or fishing property, up to the lifetime exemption limit. The completed calculation supports the amount you claim on your T1 income tax and benefit return.
T657 is a dynamic PDF that the CRA publishes in Adobe XFA format. It does not fill in a web browser, so it will not display in the in-browser editor or quick-fill form here. Download it and open it in Adobe Acrobat Reader to complete the calculation, then file it with your return.
Who files T657?
- Individuals who disposed of qualified small business corporation shares
- Owners disposing of qualified farm or fishing property
- Taxpayers claiming the lifetime capital gains exemption for the year
- Anyone with an eligible taxable capital gain who wants to reduce tax with the deduction
How to fill out T657
- Download the form and open it in Adobe Acrobat Reader, since it is a dynamic PDF that will not fill in a browser.
- Enter the eligible taxable capital gains from your qualifying property.
- Work through the calculation to apply any cumulative net investment loss and prior deductions claimed.
- Determine the capital gains deduction available for the year, up to the lifetime limit.
- Carry the result to your T1 return and file the calculation with the Canada Revenue Agency.
Get T657
This is a dynamic PDF from CRA: it only fills in correctly in Adobe Acrobat Reader, so there is no in-browser fill here. Download the genuine T657 below and open it in the free Adobe Acrobat Reader to complete and save it.
Download the official T657 PDFFrequently asked questions
What property qualifies for the capital gains deduction?
Qualified small business corporation shares and qualified farm or fishing property. The deduction is subject to a lifetime limit; check the current exemption amount on the CRA website.
Why will T657 not fill in my browser?
It is a dynamic Adobe XFA PDF built for Adobe Reader. Browsers and most previews show it blank, so open the downloaded file in Adobe Acrobat Reader to complete it.