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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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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.0 q$ i# ]4 O3 r9 F
If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
# \5 O8 v* W7 V* }3 I Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.
& ]9 ]; O7 q" I ?) i2 @+ c0 x Use the information from the slip to complete the description field.' [) @6 n% m5 n, I: t
Enter the amount in Box 21 as your proceeds of disposition.! I& K' d, P# N0 G
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. |# a/ l, J2 ~. ^8 ^ {3 k3 ?% ]
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.
! N$ g# f. b% ^+ a7 \( D6 L# S5 E 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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