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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.) N) h2 o* a& P* k* f6 Z3 H
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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.) R* F; U& W0 d
If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.( d; J U: q' K9 q$ c% C
Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.& t( L: v) K* C! n! P' ?
Use the information from the slip to complete the description field." Q2 f: Y6 W3 O" k! Y" w8 f
Enter the amount in Box 21 as your proceeds of disposition.5 _- Y" R) m* S) w6 _
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.
; g! I' a S' H2 S5 ?- P 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.
( `: g; _8 _( S+ j0 f# i 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.- m( q3 Q3 R! {4 F, I3 {
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