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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., y0 w% @; c6 F5 R, I% X
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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.
- L1 a) p/ C( p6 d% ~6 D" D! B) X If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
8 t! J' z T, g( C/ V; W: @ Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.0 |4 M2 O% a! i' d( I/ g# U
Use the information from the slip to complete the description field.$ e! h' @* u# m" y, T% o8 O
Enter the amount in Box 21 as your proceeds of disposition.4 ^. N1 l* N8 v$ X k5 o
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 |* e4 H6 c% P& A6 S 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.( u" D& d+ F. M- { g- U8 s* E Z" B- U
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.; [, m7 }: A8 }
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