I transferred my investments to wealth simple. However, I have T5 statements showing the money I moved as income. Should I delete those as income?

[TurboTaxKim]

You are only able to claim the "interest" you paid on your Investment Loan. 

You can use the Find (little magnifying glass) and type in "investment". Then highlight "Investment Expenses" and click Go. Put a checkmark beside which deduction best applies to you, Interest paid to earn interest, dividend and royalty incomeor  Investment management and advice (includes carrying charges), and continue to the page that applies.

You can also access this section by going to the sidebar of TurboTax, and click on Income > Investment Expenses. 

[TurboTaxKim]

You'll need to enter the information from every T-Slip you receive, even if you have only moved or transferred an investment and not actually seen the income reported on them. Failure to report them will result in a reassessment from CRA and possible penalties and interest for "unreported income".

• The T3 - Statement of Trust Income Allocations and Designations slip shows capital gains at the fund level based on your fund manager buying and selling. (or activity in account).
• The T5 - Statement of Investment Income slip can include interest, dividends, and certain foreign income.

• The T5008 or December 31st account statement shows capital gains based on YOUR buys and sells. (usually only received when you sell or cash out).

If you are issued any of these slips, you need to report them.

[ianwestworth]

Thank-you, this was helpful. I realized that these investments were funded through an investment loan I had taken out. Between the amount of the investments and the amount of the loan I had to pay back ($75,000), I only netted $6,000. Am I able to show claim the $75,000 loan that I had to pay back as an expense to reduce the income to the amount I actually earned? And if so, where would I do that in turbotax?