I have received all of the T5008 information from my financial institution but where do I show the capital gain or loss on my Turbo Tax return?
You may or may not have received T5008 slips for all the transactions shown on your T5008 "Statement". If your statement gives you a total of all your transactions, you can make one entry in TurboTax for all of them.
You can choose to enter these transactions two different ways,
If you enter your T5008 slips (or use the CRA AutoFill feature to import) on the T-Slips page in TurboTax, do not enter them again under your Capital Gains & Capital Gains Deduction Profile, and vice-versa. Doing so will cause double reporting.
OK I doubled up on my capital losses......entered them with the t5008 section and also on the CG schedule 3 section and then filed.
How do I correct this and use only the lines for my t5008 losses.
Will there still be entries on lines 13199 and 13200?
Could I just put them in line 17400 only?
Appreciate any help.
Thanks, Joel
If you have already filed your return, you will have to wait until it is processed by CRA and that you receive the NOA.
Then, you can Refile the return and remove the double entries > Keep the T5008 slips only and remove the same income reported in the Capital Gain Profile.
Please check the link below to follow the process of Refiling your return:
Check this CRA link for the Refile exclusions in case you are reporting more changes:
I hope this was helpful
Thanks for your reply.
I tried thei a few days ago after I rec'd my NOA.
I was quite happy until I got to the end and I was informed that my refile wasn’t possible because I was carrying back losses. I see “reassessment in progress” is a CRA refile exclusion. Since I am carrying losses back to 2016 is this what is affecting my refile?
Since it appears that I will have to make the changes through My Account on CRA I am wondering what lines I have to change to eliminate the schedule 3 losses and just go with the
t5008 amounts......13199, 13200, 17400 (currently blank)? The losses are from publicly traded stocks.
Thanks,
joely
Since you are carrying back losses, you will not be able to change your return from your "My Account" either. This link was a sublink in the one i sent you before:
You will have to submit a T1-Adjustment with the changed schedules by mail:
T1-Adj:
https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1-adj.html
Mail to CRA at:
I hope this was helpful
Yes it was, thanks.
Can you also tell me what lines to change per my previous question?
Thanks,
Joel
I'm not sure this is correct. I have capital gains reported on the T5008 slip, on the CRA site, and autoloaded into turbotax. Even these amounts are indicated in turbotax with the T5008 slip, i do not see them recorded anywhere in the tax forms. It does not look likes these amounts are either processed correctly or there may be manual recording needed.
Admin, can you tell me where they may be shown in turbo tax if nothing is done other than downloading from CRA?
The question is a bit different for tax year 2020. I'm using Premier, and want to know if I can simply enter the final totals of the cost and proceeds that are shown at the end of the T5008 instead of having to enter each of the transactions?
Using the advice given here in Oct 2019 but using Premier 2020, if I go to the T5008 T-slips section, Turbotax requests details for boxes such as 14, 20, and so on. These are the individual stock transactions. There isn't anywhere to enter the final totals shown on the T5008 for all the boxes 20 and 21. So it doesn't look like the simply totals from the T5008 can be entered here.
For the second method suggested, Income > Investments > Capital Gains (etc), there isn't a section like this in the Premier 2020. There is Investments Profile and if I go through the questions about buy or selling stocks, I end up at a page where (again) each stock transaction has to be entered.
Can the final totals be entered? That's all that's needed for the tax calculations, not the individual details.
Thanks
Andy
FWIW, I am using Premier 2020 (at least that is what I selected when I started), and at the "Income > Investments > Capital Gains (etc)" page I click 'Enter New Disposition' and I get a window to do that.
It does ask info about number of shares, corporation name, and some other things, but I think those are all optional entries. If I ignore them and just enter the Proceeds and total Outlay, it works okay.
It does seem the details of each T5008 are optional and CRA only needs the two numbers, the total of investment expenses (what you paid for the shares plus the buying and selling commissions), and the investment returns (what you received from selling them). When I called CRA about using the CNIL value they said the tax return didn't need to exactly match the T5008 they had received from my bank since in many cases those are incomplete anyway.
Just have the original trade details, if your return is audited and the figures to back up those two totals are requested.
Related to this (how to use your CNIL balance), https://turbotax.community.intuit.ca/community/forums/replypage/board-id/260/message-id/14157
Kim Turbo tax admin says that if you imported your T5008 from CRA , do not re-enter in capital gains profile.
In cap gains profile using "easy step" it asks if you sold stocks etc. .
I checked the box indicating yes I sold stocks. TT then presented a screen to fill in the info from my t5008. I did this . However Kim turbo tax admin says not to do this. otherwise it will be counted twice. I only see the one entry (calculated value which includes t3 cap gains, and then takes 50%), and i see the calculated one on line 19900 and in my tax summary beside capital gains. I also see the same amount transfered to line 12700. I do not see that value doubled as indicated here in this community post. So turbo Tax what is the real answer? Was there a bug, and it has been fixed. P.S. i did the same thing in 2019, no double counting. Just would like to get clarification for people in the future. I sure they will search and this post thread will show up.
I am replying to myself , Kim is correct, but you cannot see the doubling until you get to the review where you need to review the the entries for your T5008 slip ( i think) or is it for the cap gain profile. One of the two. It asks you to indicate what type it is , my guess is that is not in the t5008 from CRA but if you don't open that slip (since you can see the amounts without opening). Once opened you are forced to enter cap gain or investment income as type of income. once you do that then it is double posted. and it is visible in the schedule 3. so you might have to wait to see it double posted till when you go through all the review questions. So Kim is correct, sorry Kim I made you wrong when i was wrong. well if nothing else this might help others to understand how turbo tax does things and does not do things until the very end. Now for me to go back and remove those entries in my Cap gain profile or delete my t5008. either way will accomplish the same result. hope someone learns from this, I did.
i auto filled t5008's into autofill, do i need to go in to each one and click on type of security? ie capital gain or investment income?
The amount on a T5008 can be either, but it's usually simple to decide.
If someone is a casual investor and buying or selling stocks infrequently during the year, or only a few trades each month, then it's capital gains.
If someone is trading very often, such as "day trading" or many times per week or month, then CRA can decide that activity or that intention means the person is actually making their income by trading, so the T5008 should be income not capital gains.
There are more complex situations, for example if that T5008 was due to investments in a company where you are a partner, or if someone wants to specifically declare that T5008s in that year were income and not capital gains, for that you'd have to research more on the CRA site or get a tax professional to help. For casual investors just buy and selling on stock exchanges and not often enough for it to be their main income during the year though it's capital gains.
If you autofilled the T5008 from CRA like I did, the choice of capital gain or income is not selected yet. You'll need to go through all of them and choose that.
I found that it's easier to go to the "forms" view of the T5008 instead of picking "edit" for each of them in EasyStep. Click on "Forms" near the bottom of TurboTax and search for T5008. Then you can see all of them, in a kind of table view. Click "save" or "apply" (I forget which one it is) at the bottom of that Forms view, after making all your changes so they don't get lost.
I have a question on auto fill from the CRA. They didn't put anay names , just the numbers. Turbo tax premier says I have an error due to no names are written on T5008 boxes. Do I have too?
CRA doesn't need it but easy step may need it/want it. But you must identify type as Andy111 stated. If you only get the warning in review, i think you can ignore. Since you can amalgamate many items of same type into one entry, you cant really provide a name. All that matters is the totals are correct for each type. Hope this helps.
I need to add 12 more entries and the system does not have more space available , what should I do?
Here's how I would do it. CRA only needs the totals to process your return, but you do need to keep all the original information in case they audit your return such as the T5008s and the tax info package (with the year's trading summary) that your bank or investing company sent you.
Look at Schedule 3, in Forms view. The table is probably full. Go back to EasyStep and delete some trades to free up several rows in Schedule 3.
In Excel make a table of all your trades (same info as a T5008 would show). This is for your use. Summarize the "proceeds of disposition", "adjusted cost base", "outlays and expenses", and the overall "gain or loss". I would make 4 categories as a basic way of grouping them:
CDN trades, shares
CDN trades, options
USD trades, shares (and apply the CRA 2020 conversion rate to get the CAD value)
USD trades, options (and apply the CRA 2020 conversion rate to get the CAD value)
You could group them differently, such as "CDN trades Jan-Mar", or "TD trades", "Questtrade trades", etc. Whichever way makes sense for you.
Then enter the totals for each of these either directly onto Schedule 3, or as "trades" in EasyStep.
The trades in each of these groups should be similar (to eliminate confusion) so don't mix share and option trades or CDN and USD trades, into the same total or "trade" that you enter on EasyStep.
Make sure you aren't duplicating anything such as listing a trade by itself, and also including it in one of those totals. Your totals should match the totals on the summaries you received, as a cross-check.
Make sure your table and all the docs you keep are clear enough to you, that you will be able to explain the totals if CRA asks for that detail sometime in the future.
I am finding the same thing. They are listed on the t5008 page but no where are they showing up as a capital gain.
@ cisco5 Please make sure that you have select the correct type of income on the T5008 slip pages.
If you are still not able to resolve this issue, please contact our phone support team at 1-888-829-8608.
I have the premier addition of Turbotax.
Pls indicate on a step by step basis how I add the information on my T1135 form to by Turbotax return.
I have searched forms and see at the bottom "foreign", which I clicked to get a very basic form consisting of numbered columns: do I add each line on the T1135 form into a different numbered column to add the Income and Realized Gain/Loss.
This form does not explicitly say it's for T1135 - so how will CRA know I am reporting this income here?
Thanks.
@SonjaDirnberger To get to the T1135 in TurboTax Online, use the “Find” tool🔍 to search for “fore”. Select “Foreign Income Verification Statement (T1135)” and then click the “Go” button.
The T1135 is submitted separately from your Federal Tax return, so you will see an extra button when you go to NETFILE.