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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.5 C7 g( I: C: V3 B7 K0 \6 B
7 H" p/ m- T7 a6 k7 |0 F" M3 V9 g8 }( \ 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.3 t0 N' Q, t* O8 Y
If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.4 a8 @! \4 d! P3 q. `" F$ _
Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.+ g( M' q- I' p
Use the information from the slip to complete the description field.
3 E4 _+ Z! ]' P4 t( j3 I& U9 B0 u Enter the amount in Box 21 as your proceeds of disposition.% r u' e$ x6 `& J6 m% U5 D
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.
" l# J4 ?+ A6 q8 r! s$ m 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.
) i) ~9 d5 ]7 x8 R5 x 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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