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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.6 R1 X2 V$ m4 f
, M0 o) O0 n! q( Z: S* r0 p 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.
! I ?5 y" T* z! i: L/ o1 V If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section." L( ?( f" }% W- _3 u
Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.1 t: {9 v9 X, |- C
Use the information from the slip to complete the description field.3 {3 I2 Z, k |: G
Enter the amount in Box 21 as your proceeds of disposition.: f. s. |! {) U9 R! x$ F
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.
% |0 n7 v0 b# P* I X 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.+ G) W3 X: U8 K; \( k" k, }( N
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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