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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.- K0 F+ c u0 v5 m) W2 z
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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.
8 i" @, |& d. c/ c& ~3 x If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
( z+ [3 a8 b5 f$ M* c8 m) L Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.
; S# \+ [4 E. ^' {% g: o" q Use the information from the slip to complete the description field.
0 U$ Q+ }9 b! f" t) v1 c* l# g2 A Enter the amount in Box 21 as your proceeds of disposition.1 V, x+ N6 D+ k& e3 b3 H& @
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.
7 Q/ _* h( |: Y# b) g7 d 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.' f2 M. s4 a( ^6 r ~; @
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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