How do I report T5008 on my tax return Canada?

T5008 slip is not used directly in a tax return. you need to add form Schedule 3 in your tax return and enter each stock/mutual fund transaction into an entry of field 131/132. Each T5008 will become one entry of transaction for field 131/132.

Does the T5008 go on tax return?

Yes, individuals need to report information from the T5008 on their tax return. Specifically, you should include the requested information in your Income Tax and Benefit Return.

Is T5008 sent to CRA?

TD provided separate T5008 slips to the taxpayer and to the CRA, reporting each individual sale of shares he made in 2009. TD reported the proceeds of disposition received by the taxpayer but not the cost paid to purchase the shares he sold.

How do I enter T5008 in TurboTax?

If your statement gives you a total of all your transactions, you can make one entry in TurboTax for all of them. You can choose to enter these transactions two different ways, by going to Income > T-Slips > T5008, and make your entry/entries on the T5008 slip page; or in the Investment section.

How does the t5008 work for the CRA?

The only thing that could be matched from the T5008 (which is indeed provided to the CRA) is the disposition proceeds and that is only a direct match if you sold your security in CAD. Since you have a USD security, CRA’s computers probably can’t do anything other than an approximation…if that.

Where to put the proceeds on a t5008 slip?

Boxes 20 & 21: You’ll need to include both the proceeds (box 21) and your adjusted cost base (ACB) (box 20), even if box 20 is blank. Many T5008 issuers report only the proceeds because they don’t know your ACB.

How does the t5008 statement of securities transactions work?

For detailed information on the amounts shown in the boxes of your T5008 slip , see the corresponding box number below the following image: This information slip reports the amount paid or credited to you for securities you disposed of or redeemed during the year. These transactions may be on account of income or capital.

Do you need to report information from the t5008?

Yes, individuals need to report information from the T5008 on their tax return. Specifically, you should include the requested information in your Income Tax and Benefit Return. However, you should make sure that you have not already included this income in other sections of the T1 return, or you will be taxed for the income twice.