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Required date on T5008 that was not supplied
So from previous posts I see here not having a date supplied I can just enter one within the year as it is a formality to do so. But why if it is a formality to enter a date am I paying more taxes this year after entering a date? I tried a 01/01/2024 and 31/12/2024 on all T5008 entries and in both cases I am paying more taxes? If the rate changes are not occurring this year then I should not be seeing a difference post entry of a date on all T5008s?
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After you file
The date doesn't matter, but you need to enter the date to make sure the capital gains on your T5008 goes to Schedule 3 properly. If you don't put a date then the T5008s are not properly included in your tax return calculations.
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After you file
Okay but the big question WAS why am I paying more taxes now on this? If the increases were not taking effect this year then why when I put a date in regardless of what date that was, why did I owe more? thanks
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After you file
@Trisnam Again, if you didn't have dates on your T5008, then the amounts were not going to Schedule 3, which where the T1 gets the info from. So, nothing on Schedule 3 = nothing on T1 = T5008 income not included in your tax calculations. One you add a date, then the T5008 gets added to your income.