I have account at my bank and I opened investment account with them (Mutual Fund), they told me only when I withdraw the investment I will pay taxes if I have gain.
Now, when I'm trying to file my taxes, I reviewed my CRA account, and I found a bunch of: T5008 slips there, and I was reading that I need to enter that, and determine if its investment or gain. the problem is I never cached the amount, the bank is trading for me, and they advised that I should not cash it now because the market is down.
I see there are some gain in the last year, and if I added that mean I need to pay now taxes for something that I never cashed. how this one works? any advise?
As our TurboTax article asks: "Have you bought, sold, or cashed securities this year? Securities include publicly traded shares and many other financial products such as bonds, T-bills, and mutual fund units. If you’ve dealt with any of these objects in the last fiscal year you can expect a T5008 slip from your broker. What is this slip and how do you report it on your taxes? We’ll answer your questions below.
Please review this TurboTax article for more complete information: T5008 Slip – Statement of Securities Transactions
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