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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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3 ]- q/ M' h8 I# i 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.2 w4 \" N- j M8 q1 a2 K/ T
If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
" P: k- \5 T; Y3 `# t8 g* k Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.
6 E0 e% l, e4 S+ Q& K3 g& E W Use the information from the slip to complete the description field.
, u& y$ U. ?; v) w0 x! I- ? Enter the amount in Box 21 as your proceeds of disposition.
$ ^/ W; e- G+ O" E( c9 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.
6 w& _; P8 I9 ]: z1 g 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.
' z* n% j5 q, b# x5 M# Y$ e2 L. O 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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