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We don't have an input for a T5008 slip because this type of slip can represent several different things. Here are some guidelines for how most people should report these amounts.( C- r, M1 R% r) w
4 l0 P. ]6 Q' z4 G( v7 P For most SimpleTax users, a T5008 slip will represent "investment income" (e.g., a T-bill, mutual fund units, or shares). In some circumstances, a T5008 slip may represent business income. If you aren't sure, you should check with the CRA.
# p1 }+ T: Y* a0 p- _8 _+ Y m If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
4 l2 r: X+ L, I, ] Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.) U, H0 P3 v* E- K5 R, m
Use the information from the slip to complete the description field.+ K- C& T! J7 p6 w* b( C
Enter the amount in Box 21 as your proceeds of disposition.
s% g; Q( u* H8 `+ A a( R Box 20 shows your adjusted cost base (ACB); however, there are several factors that impact your ACB, and frequently the issuer of the slip won't know your actual ACB and you may need to calculate it. Learn more.+ B5 A; Y: c" U/ g8 e O6 I2 j4 u/ W
If you earned interest income on the security, (e.g., the slip is for a T-bill), and you had a gain on the disposition of the security (i.e., box 21 is higher than box 20), you should report the difference as bond interest on line 121 in the Investment Income & Expenses section.. f. u/ w; [/ m' L
If you earned interest income, but the disposition resulted in a loss, you should report it in the Capital Gains section using the instructions above.
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