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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.# J6 @* K( o; @$ D& B1 K. c
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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.
6 W- Z" D$ V( f3 I If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
2 W/ u# {0 F/ e9 q Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.
1 @* t9 d" d2 I! R Use the information from the slip to complete the description field.
X) ?7 W8 J" W4 b+ a+ Y Enter the amount in Box 21 as your proceeds of disposition.; t/ O5 ~, \+ D; R) L: 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.
2 l( K% X+ M3 {( E6 \9 H 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.
/ U4 h- c1 j2 { 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./ A* \( l1 y% E9 R' m2 w; T: g
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