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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. L, K! |7 m9 F) N8 c* |1 T/ T9 r" [
' n! j# Z9 g2 r* `" W 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.
& A/ @' Z+ L! k If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
6 x j+ F: O) m, C9 E3 c$ q0 V Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.3 }3 |" V9 N/ G' L6 V2 o. f
Use the information from the slip to complete the description field.. X. |. z# }- a8 d% h0 h
Enter the amount in Box 21 as your proceeds of disposition.! N7 b% _6 o* N& o- B" V! ?
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.
$ C* f7 K% u9 g% j7 N 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.. @" A7 G) e$ @/ e8 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.# ~3 s) i& ]6 ?7 T7 m5 L
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