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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.) b7 E6 t1 F: c1 i3 j3 R6 m
: h& F8 y$ j' c/ U4 i9 `, \ 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.
+ e* b6 x% _5 J# A# { If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.1 X, [ X( d' p% R' @. H
Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.
5 \' ?" [% ]% i# K$ \1 i1 v! a Use the information from the slip to complete the description field.
1 u6 n+ k+ K# f# |6 s" f& U; H Enter the amount in Box 21 as your proceeds of disposition.1 a- ]' S( y, u$ g) k
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.) E8 B* c) A( X# U* t5 q
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.$ ]# l- \" O, U5 k' ]+ Q
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.: c2 N8 G2 e' l1 s
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