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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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) n& I: F/ m) `# u' U 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.% }8 ?# G! W; K; W
If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
. o0 ^- \, c. O7 a0 G1 {6 Y* A' G# u Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.* m" k3 N& U, }4 q% S) c6 P7 V2 H$ w
Use the information from the slip to complete the description field.
. a! N, Z5 ?1 ~" e7 Z- K1 z Enter the amount in Box 21 as your proceeds of disposition.- {6 _$ g/ ]; Z+ P- y4 w# x
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.
c4 A z/ r0 o3 \ 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.
8 F, c! \ N5 V2 h' a 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.3 T" N/ }4 g/ n% `
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