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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.
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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.+ O- J& @+ M1 b
If the slip was for shares, mutual fund units, or something similar, report the gain or loss in the Capital Gains section.
0 I* W5 d f) x: j# A+ Q; l( W Select "Publicly traded shares, mutual fund units, deferral of eligible small business corporations shares, and other shares" from the drop-down menu.1 _, @; N O8 R2 W, r. a/ L
Use the information from the slip to complete the description field.
$ R9 q. J: b4 {1 C9 C, E5 N1 d1 f Enter the amount in Box 21 as your proceeds of disposition.
6 b2 w, b; r. V& J 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., V* Q5 \2 \6 {2 z# S1 i
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.
: M" S; e' V5 M! z# B3 h8 r) @- b 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.8 P8 |( P7 X' V# |
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