How do indicate the type of income from my T5008 slips and where do I enter this information on Turbo Tax?

[dgalbraith]

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?

[TurboTaxKim]

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, 

• by going to Income > T-Slips > T5008, and make your entry/entries on the T5008 slip page;
• or in the Investment section. To enter here, go to Income > Investments > Capital Gains & Capital Gains Deduction Profile > and check the box next to Sold stocks, bonds, real estate, other capital property, and continue.

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.

[joely]

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

[TurboTaxHeba]

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:

https://turbotax.community.intuit.ca/community/tax-return-amendment/help/i-have-filed-my-tax-return-...

Check this CRA link for the Refile exclusions in case you are reporting more changes:

https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/refile-online-t1-a... 

I hope this was helpful

[joely]

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

[TurboTaxHeba]

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:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/change...

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:

 https://www.canada.ca/en/revenue-agency/corporate/contact-information/where-mail-your-paper-t1-retur...

I hope this was helpful

[joely]

Yes it was, thanks.

Can you also tell me what lines to change per my previous question?

Thanks, 

Joel

[Anonymous]

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?

[Andy11111]

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

[balducci]

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.