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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.7 Z: ^2 }0 q E% _& g
/ z( K6 F# b9 B7 ~5 m/ F* a 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 b& T7 y& t t' k3 ]) } If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section. k3 X$ W6 Q+ d2 |, X$ q! X
Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.3 J d. m5 ^3 i7 u/ @1 w
Use the information from the slip to complete the description field.& ~9 M7 {5 z; n* ?( D! D
Enter the amount in Box 21 as your proceeds of disposition.# U$ g" Z _8 ]$ {* z. 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.
+ @! G* Z( [* v# F 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.2 \6 {- @6 Y; R, L: p& W9 m$ 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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