Re: The T5008 and T5 you were issued may relate to...
New Member

Self-employed

I have same issue, but additional question based on your answer.  I have a T5 that was accompanied by a T5008.  However, the T5 includes, as Foreign Income, the total value of the stock plus other dividends paid throughout the year.  If I enter the T5 and T5008 and nothing else, essentially, I am asked to pay tax (as income) the entire amount listed as Foreign Income in the T5.  Where do I enter the offsetting 'book cost' that is not on the T5 form?

 

Ex: I sold $10,000 in US stock as listed on my T5008 slip.  The book cost was $8,000, so the gain was $2,000.  If I enter only the T5008, this comes through clear.  However, I was also given a T5 slip that lists in Box 15, my Foreign Income as $11,000, which includes the $10,000 in US stock sale referenced above in the T5008 plus $1,000 in dividends that were paid throughout the year?  Where do I enter the $8,000 cost to offset the T5?  I phoned the Institution and they did confirm that the Foreign Income in Box 15 does indeed include the sale of the $10,000 US stock.  It seems to me, it should not include this amount as it was a sale of assets and not income, however apparently the big banks simply list this lumped in as income.

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