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T5008
I download all my slips from CRA. It all appears accurate. When the T5008 download, then I go to look at each individual T5008 there is a drop don box for me to indicate what type of income it is. The two choices are “investment” or “capital gains”. How do I know which one it is from looking at the slip? It does not appear to be have been coded by my investment company (TD Private Investment). When I ask them, the response is “we are not tax professionals, ask an accountant. But I use turbo tax so i dont need an accountant. Can someone advise me on how to code income type on T5008? I receive about 20 each tax year.
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Troubleshooting
Capital Gains would be something that you bought and sold, like share. Investment income would be like bank interest.
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Troubleshooting
Hi Susan, yes i know what you refer to as difference between what capital gains and interest, but these are “pooled funds” and each fund and the associated T5008 is from a vaguely named fund such as a “mixed dividend growth fund” or a “mixed income dividend growth” fund or a “mixed bond fund” or a “mixed dividend fund”. Hiw do I know in absence of it being coded by the investment fund how to code it myself.
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Troubleshooting
Pooled funds are investment vehicles such as mutual funds, commingled funds, group trusts, real estate funds, limited partnership funds, and alternative investments. The distinguishing feature of a pooled fund is that a number of retirement boards or investors contribute money to the fund.
We recommend that you contact the CRA for more information on what to select at 1-800-959-8281.
Thank you for choosing TurboTax.