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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.
& Q& @+ }. R J. R) y' g If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
, X& q, X1 h# C8 U# b+ O" ~0 ] Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.3 D0 Y# F5 q% |4 l2 U: B$ p
Use the information from the slip to complete the description field.
% o7 j6 C/ V" k" f+ T& i3 t" H Enter the amount in Box 21 as your proceeds of disposition.( u7 V2 s( N0 A
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.; a& R4 L/ I i8 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.4 p1 `2 X5 n9 k0 {. g
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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