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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.' a0 W j1 q# f9 T, I ^% Y3 T
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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.. V$ d/ k& H; P" I, y q
If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.. D# K5 }% _3 u9 U3 c' G/ q
Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.) ` a" U2 l6 W4 S/ \
Use the information from the slip to complete the description field.2 d4 Q9 f- `5 O2 h# D1 @, g
Enter the amount in Box 21 as your proceeds of disposition.2 Q9 |( K, G& c( {& N
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.
4 F0 r8 P' A C* F+ | 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.
- P. A2 V) c7 C- X 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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