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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. g1 T* G* l5 q
1 _- j& c9 r" i 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.! R, E7 h& {& K1 b& |' `4 `- M
If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.% m; ~; W6 `3 c1 Y' @: @" f0 \
Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.
9 x, H! V5 W6 {) j Use the information from the slip to complete the description field.
0 T3 H" L; G- b- |* ^' @ K Enter the amount in Box 21 as your proceeds of disposition.
5 { c6 a5 \% a# e- [* G 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.
" _4 W( W: f+ F 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.3 N% l; z* l% y
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 ?: k- G, y0 N# E1 j6 c
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