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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.$ h8 j8 }0 r; j; S; X
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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.
- Z9 B( Q6 J2 R* v) f/ n! g* P, E3 V If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
/ l6 i( s1 n1 V9 W- c Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.
! Q i# \3 f {" b' w6 y Use the information from the slip to complete the description field.% J U4 H7 |. l& y6 S+ M
Enter the amount in Box 21 as your proceeds of disposition.$ o9 Y+ T% Q. j3 ~
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.1 Q; o4 I" I5 V5 A: B
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.. Q+ m9 f- K M# A9 j0 l7 S
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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