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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.
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* t/ S! t& R- [3 D& U 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.
% {0 c3 I! Q# N3 I2 Y: A# t) C' W If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.$ C `" x4 J6 K+ q* `
Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu., f0 ?. V& X/ g3 ?, G" u: E' Y
Use the information from the slip to complete the description field.& D7 \2 b0 T6 |
Enter the amount in Box 21 as your proceeds of disposition.
. F4 D q$ i* V& ?' L 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.
! h$ U7 L0 g- z# Y6 G 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.1 k; U/ {6 D J3 P$ u; Y- C; f2 a
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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