Hi,
I was granted RSUs for the first time in 2023 and want to confirm how to calculate proceeds/ACB/outlays+expenses.
On November 20th, 22 shares of RSUs vested. On November 21st, 12 of those shares were sold to cover tax. On November 29th, I sold the remaining 10 shares.
When it comes to the capital gains/losses page in TurboTax, I'm confused on how to calculate the values. I spoke to a representative and want to confirm the method they suggested.
Proceeds: (USD to Cad Conversation Rate on Nov 21st)*(12 shares)*(Cost of a share on Nov 21st) + (USD to Cad Conversation Rate on Nov 29th)*(10 shares)*(Cost of a share on Nov 29th)
ACB: (USD to Cad Conversation Rate on Nov 21st)*(22 shares)
Outlays+Expenses: (USD to Cad Conversation Rate on Nov 21st)*(Expenses reported in Etrade for the sale on Nov21st) + (USD to Cad Conversation Rate on Nov 29st)*(Expenses reported in Etrade for the sale on Nov 29th) + (USD to Cad Conversation Rate on Nov 21st)*(12 shares)*(Cost of a share on Nov 21st)
I suppose the reason I am a little skeptical is that I'm using the amount I was taxed as an "expense". I originally thought it should be reported like:
proceeds: 10 shares * conversion rate * price on the day I sold
ACB: 10 shares * conversion rate * price on the day they vested
outlays+expenses: expenses reported by etrade
But this would completely leave out the 12 shares sold to cover tax from my reporting in the capital gains section.
Can someone confirm/share what is the correct strategy? I am using TurboTax online instead of filling out any forms manually.
