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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.. }" ?8 u, J% C, x! H/ T$ T
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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.
% y C. q$ h$ @. E( h If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.) k+ z+ @ N3 x! z$ q
Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.
' t7 J7 l3 P& u6 ]( _4 @3 b Use the information from the slip to complete the description field.
8 ]. ~$ L1 \" N8 n) M4 A& l Enter the amount in Box 21 as your proceeds of disposition.$ U p: V1 g$ S
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.
/ ]; w; m7 h4 a- R: \& \ 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 m! ]# h* M) V
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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