Schedule 3 and S3M

Updated: 2023-04-20

To facilitate data entry and management for certain schedules and tax situations, Schedule 3 (S3) has a flexible companion worksheet called the Schedule 3 Manager (S3M). 

You can enter or modify data on either the S3 form or the S3M worksheet and it instantly flows back and forth. Use whichever method is right for you. 

1. Enter basic capitals gains/losses directly on the S3. 
2. If you have more a complex scenario to address—such as exchange rates or spousal allocation—use the S3M.
3. If you need to change an entry later, you can do it on either form. The changes flow back and forth between the worksheet and form automatically.

Entering Québec Capital Transactions—TPG and TPGSum

If you are preparing a Québec TP1 return where you need to report capital transactions, you need to make additional entries on the S3M. The Month of acquisition as well as the Type of disposition are required before the information flows through to the TPG and TPGSum:

Information flows from the S3 and S3M to the TPGSum and the TPG (Québec Schedule G). However, if there is only one transaction for a particular section on the TPG, the information does not appear on the TPGSum at all. TPGSum is only required when there are multiple transactions for a section to consolidate the totals of the transaction into the required single line on the TPG.

Foreign Exchange Rate Tool

Easily select a foreign exchange rate for forms and worksheets like the S3M.

1. Place your cursor in the Exchange rate field.
2. Go to the Tools menu and click Exchange rates.
   
3. Select a currency from the drop-down list.
4. Click on a rate (annual or monthly).
5. Click on a monthly rate to see the daily rates for that month at the bottom left. Click on a daily rate there to use it.
6. Double-click on a rate to copy it to the clipboard, or click on a rate and then click the Copy to clipboard button.
7. Click the Copy to field button to enter the rate on the field.
   
8. TaxCycle adds the rate to the field along with a memo to indicate the currency and the date for the exchange rate.