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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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8 @, N$ r% B [, y2 H 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.
1 f' _& a, F7 l9 m5 {4 E If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
, l/ p7 X: l: B, J, s" P* s# i/ w Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.
; i- \; W* b1 T3 q. Y, \ Use the information from the slip to complete the description field.' Q% B! O" E3 `1 m3 T" n+ V" n
Enter the amount in Box 21 as your proceeds of disposition.
; |- v3 a) x4 y1 z4 I9 R8 c! @7 p 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.
* Y: o0 E1 ]1 L: |, |3 Y 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& Y) N( s& i) V9 V# Y
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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