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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.* z' A3 j: h ]: M0 J& Y- r1 k
If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
3 e& [2 Y3 `4 H: j; R# {3 E Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.
$ C" m H% R; M9 C5 L$ J+ H4 z4 K Use the information from the slip to complete the description field.( y5 `' H+ h& f9 ^0 m2 _
Enter the amount in Box 21 as your proceeds of disposition.4 q2 M# s7 E6 e" c3 e9 f6 s
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.
. D* y) B/ f7 T1 B% K& m$ ^ 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.
8 x! f: N1 N1 ^1 C8 H 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.1 E1 P2 n# K5 Y5 P- U+ x
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