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Knowledge base

Tax Centre Deep Dive

How Luum computes capital gains, what the PDF and CSV exports contain, and how RRSP and TFSA contribution room is tracked.

The Tax Centre centralises everything tax-related in your portfolio: capital gains calculations, contribution room tracking, and exportable reports. This article explains how each part works.

Tax disclaimer. Luum provides estimates based on transaction data from your brokerage. Always verify all figures with a qualified tax advisor before filing. Luum does not provide tax advice.

Capital gains (Canada)

For Canadian users, the Tax Centre shows realised capital gains and losses for the current tax year and any prior year in your transaction history. Gains are computed as:

`Capital gain = Net proceeds − ACB`

Net proceeds are the sale amount less the commission on that sale, and ACB already includes the commissions paid on purchase — so commissions are accounted for once, not subtracted twice. ACB is tracked using the average-cost method as required by the CRA, pooled per security across all of your non-registered accounts. Only dispositions in taxable accounts are included — gains inside any registered account (TFSA, RRSP, spousal RRSP, FHSA, RESP, LIRA) are excluded. See ACB Tracking in Depth for full details on how ACB is computed and its limitations.

The Tax Centre does not apply the capital gains inclusion rate (currently 50% for individuals on the first $250,000). That calculation belongs in your T1 return. Luum shows gross capital gains; your tax software or advisor applies the inclusion rate.

Capital gains report (CA) — what the export includes

The Capital Gains PDF and T5008-style CSV export include, for each disposition in the selected tax year:

  • Security symbol and description
  • Year and date of disposition
  • Number of units sold
  • Proceeds of disposition, net of the commission on the sale
  • Adjusted cost base of the units sold, including purchase commissions
  • Capital gain or loss

Commissions are not a separate column: a purchase commission is already in the cost base and a sale commission is already deducted from proceeds, which is the correct treatment. The report also carries any securities it could not account for, and the exchange rates used.

You can download this report for any completed tax year. Partial-year exports (e.g., mid-year) are available for the current calendar year.

1099-B export (US)

For US users, the Tax Centre generates a 1099-B–style CSV export with:

  • Description of property (quantity, symbol and security name)
  • Date acquired — reported as VARIOUS. The average-cost method pools your units, so there is no single acquisition date to report per disposition.
  • Date sold
  • Proceeds and cost basis, in your reporting currency
  • Gain or loss per disposition

Not included: CUSIP, and short-term versus long-term classification. Holding-period classification requires per-lot acquisition dates, which the average-cost method does not preserve — so you or your tax software must classify each disposition.

This export is designed to be imported into TurboTax or similar tax software. Note that wash-sale rule adjustments are not applied by Luum — your tax software or advisor must handle those.

Contribution room (TFSA and RRSP)

You enter your room; Luum draws down against it. Luum does not compute your room and cannot: it depends on your income history, unused carry-forward, withdrawals from prior years, pension adjustments, and contributions to accounts Luum has never seen. Take the figure from your CRA Notice of Assessment or CRA My Account and enter it on the Contribution Room panel.

What Luum does is track the deposits it has recorded against that figure, converted to CAD at the rate for each deposit date, and tell you where you stand:

  • **Which year a deposit counts toward.**TFSA room is a calendar year. RRSP room is not — a contribution made in the first 60 days of the following year applies to this year's deduction limit, so a February 2027 contribution counts against your 2026 room.
  • **Whether you are over, and what it costs.**A TFSA has no cushion: the first dollar over attracts the CRA's 1%-per-month penalty on the excess. An RRSP has a $2,000 lifetime cushion — over it and the same 1% per month applies to the amount above the cushion. Luum shows these as different states, because only one of them costs money.

Contributions are detected from deposits in your transaction history. If you contribute through payroll at work, those will only appear once your brokerage account reflects them — and if a TFSA or RRSP of yours is at a broker not connected to Luum, used room will be understated.

Room tracking covers TFSA and RRSP only. FHSA, RESP and LIRA have no room tracking. They are still excluded from capital-gains reporting like every other registered account.

For a step-by-step guide to downloading your tax reports, see Using the Tax Centre to Prepare for Filing →