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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.6 @# f: R& h4 {' [* I" b6 ]& v
# v7 P( _: c: {+ _ 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.
. R6 c r7 [9 V- z- l6 O If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
8 Y6 b$ L, J; b# t9 W Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.8 N6 e$ @+ r$ m6 n d
Use the information from the slip to complete the description field.2 D% j# J, [' { v% I0 u
Enter the amount in Box 21 as your proceeds of disposition.
4 V' W1 r* |( f/ ]2 | 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.) N# y7 J+ {. v, l2 f
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.5 W% p7 p; N' q
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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