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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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. b, n! v2 W# C7 ~4 S 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.! t3 P* K- H. S1 I. M# L
If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
) c) f& O: u- p6 h5 G5 N Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.- B5 T& L) J3 b" N7 C+ v5 H$ X
Use the information from the slip to complete the description field.- m$ ]/ @8 P2 ]
Enter the amount in Box 21 as your proceeds of disposition.5 k2 y6 y, X% o# j8 g) X( x
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' S$ a# g) `9 O, i 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.
. z: h* i: }& _1 D2 R8 M 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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