I'm a full time Investor with many T5008! How could I enter them all manually in T-Slips

[farhad1371]

I have more than 500 pages of T5008 which wasn't possible to Autofill them! I have done so many different trades which is very difficult to enter manually for each, do I need to put enter each with different box 14 and 15 or I just need to do add box 20 and 21 for alll? I have the same issue for filling T5, i have too many trades to put them manually!  

Thank you

[jk-542]

Fortunately, you do not have to enter all of your T5008 separately one by one. You just have to add the total of all slips and enter that amount. Some of the fields on your T5008 slip may not be in TurboTax. You only need to enter the T5008 slip information that TurboTax asks for. 

To enter the information of your T5008 in TurboTax follow the steps outlined below:

1. Select Find (or the magnifying glass icon) from the menu
2. Enter T5008 in the Find window
3. Select T5008 Securities Transactions from the list of results, then select Go. The T5008 - Summary step appears
4. Select Enter New T5008. The T5008 - Securities Transactions step appears

Fill out the form in TurboTax with the information from your slip. If your T5008 slip is for a joint account shared between spouses, enter your spouse’s percentage of ownership in the field Enter percentage of slip to claim on your spouse’s tax return (if applicable)

1. Select Done With T5008. The T5008 - Summary step appears
2. Review the information on-screen and follow the instructions below that match your situation:

• If the information is correct, select Done With T5008 Slips
• If the information isn’t correct, select Edit next to the slip and correct the information. When you return to this step, select Done With T5008 Slips

For more information on T5008 visit our TurboTax article -T5008 Slip - Statement of Securities Transaction

For more information visit our TurboTax FAQ- How do I enter a T5008 slip (and matching Relevé 18, if applicable)?

[farhad1371]

Thank you but what about boxes #14,15 and 16? Box 14 requires date of disposition which is different for every transaction? So is it okay if I just add the book value (box20)and proceeds (box21) for all the trades?

Thank you

[Andy11111]

This looks like the only way to enter all the trades.   I also have many pages to enter, and even worse, the T5008 downloaded from CRA are the T5008s for both my CAD and USD accounts, all mixed together!  So box 20 or 21 does have a number, and it's right, but the USD have not been converted to CAD!!  Useless.

So it looks like the method is to enter the CAD trades on one Excel sheet, the USD trades on a second Excel sheet, calculate the total box 20 and box 21 values; for the USD just use the CRA CAD-USD conversion rate for 2021 instead of the one for each trade.  Then enter just two T5008s into Turbotax "CAD trades" and "USD trades", both of them in CAD currency.

Here's another step that actually works.  Adobe Reader can export the summary PDF your broker sent you into an Excel file.  That's the fastest way to get everything into tables, then delete all the un-needed stuff to get just the T5008 lines.   HOWEVER, I do not know if this conversion happens just in your PC, or if all that personal info gets sent to Adobe to be converted, which you really don't want.

[dany125]

Hi,

I am filing through through turbotax. All my more than 1000 transactions in USD were autofilled from CRA but all slips are filled in USD, not in CAD. So, I have the excel sheet converted from pdf now. Should I delete all autofilled and show only total? or I should jump on changing each transaction with CAD exchange rate, which is scary? Also let me know, should I show as Investment Income or Capital Gain as I work on it as a side income but make transactions almost every day. I am a regular employee and have T4 my main income.

Thanks for guide.

[Andy11111]

Hi,

Yes, the auto-filled ones must all be deleted otherwise you will have duplicates in the tax return.  I think there is also a limit to how many T5008 can be entered, and the limit is much lower than 1,000.

On my return I only have two items and I have given them names "CAD trades" and "USD trades in CAD", each with their CAD dollar values, for my CAD and USD trading totals.

If CRA requests more information on those totals then my response would be to provide my Excel sheet showing how the totals were calculated, and the T5008 statement from the broker or bank.

Making a recommendation on whether you should pick Investment Income or Capital Gain is only something a tax professional should really do, but usually if someone's salary is their main income and they are not an investment professional (have formal training and have financial certifications) then their investing hobby is capital gains.

Andy

[dany125]

Thanks much form the guidance. 

I am using download version but could not find the tab to delete each t5008 transaction..Tried Easy Step and Forms but did not find the tab to delete... Looks like, the only way left is to delete all auto-filled then manually enter T4 employment income and T5008 in one transaction as you suggested. right?

[TurboTaxSusan]

@dany125 It may just be faster to just start over. If you haven't printed anything from your return yet, then it will not count as a return in your return counter.