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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.% P3 x9 [7 E- S- U I m
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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.2 A, O0 c- K! |3 o) C
If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.! @2 z; c% A7 T1 x7 { F% K
Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.+ n& c1 s, g& P$ p7 A1 a
Use the information from the slip to complete the description field.. n o: b6 v( X
Enter the amount in Box 21 as your proceeds of disposition.
' i0 |) q# }# B& W3 C 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.
8 x( }/ `3 t! n y, t2 J+ i! o* H 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.- s( g; _! i. }* Z8 l: z9 w
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.6 k ~3 s) V1 v, z0 ~8 @
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