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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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0 W: E* [. H) \- G7 X 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.
3 j1 Q3 S. o% }5 ? If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
p/ ^) ]4 H2 F3 c1 e9 l& Z Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.) \/ N: a- {* `: |8 P8 ~
Use the information from the slip to complete the description field.
7 r5 h4 T# e" y5 t5 k- t" ~ Enter the amount in Box 21 as your proceeds of disposition.
8 T5 E( n! i' [& K: ?0 a% ^ 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.( B3 h b. M# _. |5 J1 `+ F) O% q
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.$ f0 P9 W) c9 o M
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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