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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.# l$ N. Y; M9 e5 D
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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.5 z3 ]7 D+ Y& Y/ W x
If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
6 f4 C$ L6 k0 _6 H Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.# L4 G, ?- e+ u& E! J9 A" _# e) s
Use the information from the slip to complete the description field.
" X! w+ o; J- a( t# P( P Enter the amount in Box 21 as your proceeds of disposition.! s! C. j# s( M, q: R" Y
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.
& O1 w& ~# T) G) {9 s 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.
* V3 a4 R6 W5 K, 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.- `( F# B/ m1 j, Z( M. v' q% j) p. e3 }
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