Hello,
The T5008 is a statement of securities transactions, like the sale of a security. The areas that are relevant to a calculation are the ‘Proceeds on Sale’ and ‘Cost or Book Value’, the amount you provide the values for would be the ‘Outlays and Expenses’. Some issues of the slip do not include the ‘Cost or Book Value’ which is the Adjusted Cost Base. The Adjusted Cost Base for a security is your average cost of that security that include the costs to acquire the security, it is integral to determining the capital gain or loss on the sale of that security.
For clarity, you need to review each T5008 slip to ensure the values are accurate as filed by your institution, such as ensuring the ACB is reported and if not you would provide that value, as well enter the Outlays and Expenses, if any. When the T5008 slip is entered to report a security transaction there is no need to report the transaction in schedule 3, as this would be reporting the transaction twice. Should receive other statement of transactions instead of a T5008 you would enter these transactions individually or in aggregate if the number of transactions are excessive on the schedule 3 and schedule 3 supplement.
If the summation of the capital gains and losses, as reported on the schedule 3, result in an overall Capital Gain this amount would be reported on line 12700 of the T1 General. If the summation of the capital gains and losses, as reported on the schedule 3, result in an overall Capital Loss this amount would be carried forward, or could be carried back 3 years to reassess prior declarations of a capital gain by completing section II on form T1A, Request for Loss Carryback. Note, on your T1 General income tax and benefit return you will not see a current year Capital Loss reported, just in your schedule 3. Line 25300 only reports prior year capital losses carried forward that are being used in the current year to reduce a capital gain.
For your reference from TurboTax:
