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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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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., y7 K) t, W: f0 i
If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.9 }, P4 z A% B# R5 W
Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.
/ b% R2 x7 N& u Use the information from the slip to complete the description field.- Y! \# _2 A% e# z; x! h/ Y
Enter the amount in Box 21 as your proceeds of disposition.; L k6 {. \( N; R: h
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.8 f& l9 P, L: R3 s6 G' x4 ?! r" w6 j
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.& j! f) {" D9 I: J
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.2 q, y' s) W5 }
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