Do I need to report US securities in both T5008 and T1135?

[pinko77]

Hello,

I just received a T5008 from my Canadian Broker, I am still trying to figure out if I need to file a T1135 as well but would I need to report the same capital gain on both documents or just the T5008?

Also, more of a generic question. If I own a bunch of different stocks (e.g. Google, Amazon, Adobe, etc) through a Canadian broker and total value exceeded CAD 100K (for a few weeks in 2021), am I required to still file a T1135?

Thank you!

[Mohit0102]

T5008 reports income from different sources. So you should get separate slips for Canadian sources and different slips for USA stocks. The bank or financial institution must indicate the currency and country on the T5008 slip. If it is not in Canadian dollars, you must convert it or select the correct currency. 

The only time you need to file a T1135 form for Foreign Income Verification is when the cost value of the fund where the T5008 slips came from is $100,000 CAD or more. If the income is reported in the T5008, you will not need to report them again, just file the T1135 for foreign income verification statement. The statement doesn't add the income to the return again. 

Some T5008s submitted by financial institutions to the Canada Revenue Agency do not contain a Box 20 for the cost value. You must obtain this information personally from your broker and update it manually. If you have additional foreign capital or investment income that is not reported on the T5008 form from foreign income, you will need to report the foreign source of income. 

For more information, please review the link below from Canada Revenue Agency.

Foreign Income Verification Statement

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