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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.( g% K" Y9 G/ S
4 m8 t, o' ]9 P 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.
/ q5 e4 k( W1 o- N$ c# Q If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.9 d! L% b, S9 G& r: o* @$ O8 D0 @
Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.+ I- `5 B- N% Z- Q9 s' ^% A
Use the information from the slip to complete the description field.- [* L0 P1 c4 ?' v) e7 Q
Enter the amount in Box 21 as your proceeds of disposition.% z( a6 [- D8 p
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 E& N# @' r; N+ \9 U. U& \
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.
' G/ s6 L; C6 i+ Q! p) I 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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