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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.$ q/ o) |4 t ~; y0 K2 Q9 G
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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./ g$ G3 h/ j7 y; T" t" t
If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.0 N6 N( S, n V
Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.( ~8 G0 h$ W" {4 v* N/ `
Use the information from the slip to complete the description field.
) [, J W/ b( W Enter the amount in Box 21 as your proceeds of disposition.8 ?" W& H# A4 s. C7 o& d! [
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.
+ q# n( B& T* i+ B 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.& g8 F. R7 j1 f
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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