Why does Turbo Tax not know what the use of the T5008/RL18 is . I asked and they could not tell me .

[Martine-TurboTax · Accepted solution]

Who are you asking and what question do you have with the T5008?

[fred71]

Turbo  Tax  ; what is the purpose of aT5008 RL 18 not the T5008

[Martine-TurboTax]

a T5008 and a RL 18 is a return of securities transaction slips as for the R18 is  for those who need to file Quebec return. The T5008 reports the amount paid or credited to you for securities you disposed of or redeemed during the year indicated. These transactions may show interest income (shown on Schedule 4) or capital gains (shown on Schedule 3).

The CRA requires you to complete tax form Part 3 Schedule 3 for each stock trade identified on your T5008/RL18

In Turbo Tax main screen select, Income Tab \ Investment\Capital Gains Deduction Profile
Check mark, Sold stocks – Continue
Input information from the T5008/ RL18 in each Turbo Tax field. Put ( ) around capital losses.
Select; Enter a New Disposition, for each line on your T5008/ Rl 18

Note if you relocated stocks into a Tax Free Saving Account, you need to report trades that were gains, as you actually sold and re- bought your stock.
Stocks transferred with Capital losses are not inputted as a new disposition. The loss cannot be claimed."