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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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7 z9 W" i( [* 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 v2 j" e) T( _ If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.# B2 H- D. d5 r1 @( A
Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.
' U1 ?0 E+ g" q( n Use the information from the slip to complete the description field.
( P9 T& _7 k' _- m" p# L Enter the amount in Box 21 as your proceeds of disposition." h+ ^* d0 J$ T& E
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.
! ~5 M4 r- {- e+ F& K2 h9 b, y 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.
* ]$ v# ~! J2 F7 x0 A! Z% v 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./ f, S; L* u& u# M% o6 o" ?
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