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

[Andy11111]

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

[pliverock]

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.

[pliverock]

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.

[Katemot]

Is a t5008 investment income or capital gains

[195565]

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?

[Andy11111]

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.

More info at https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/it479r/archived-tra...

[Andy11111]

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.

[Marc_Nord]

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?

[pliverock]

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. 

[morenovelanadia]

I need to add 12 more entries and the system does not have more space available , what should I do?