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

[Andy11111]

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.

[cisco5]

I am finding the same thing. They are listed on the t5008 page but no where are they showing up as a capital gain. 

[TurboTaxSusan]

@ 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.

[SonjaDirnberger]

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.

[TurboTaxSusan]

@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.