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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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/ u! o. B7 E7 P& s- k/ a5 a 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.+ f+ }, r8 X) @5 P: I$ i! m) ]
If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
' _% V* b ` F8 a8 z F9 a Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.$ {9 ^' E, j2 }' m P
Use the information from the slip to complete the description field.3 e4 v1 I! |8 ^5 c0 Q$ \9 N( e
Enter the amount in Box 21 as your proceeds of disposition.' `6 J/ u% Y% @/ V5 T/ N
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.
1 Y4 V' c" i 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.
' y4 i8 x# A; y* B2 [% {, o, c 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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