T5008, Canada

[LBM88]

Hello TurboTax

I have started to fill out my tax return, but ran into a problem.

I have some 200 stock-market sales completed in 2004.  I have received a PDF file listing all my sell transactions from the Bank.  In Turbo Tax, when I reached the T5008 part of the return, where I have some 10 boxes to fill for my 200 trades, that would result in having to make 2,000 entries of 6 to 10 digit numbers.  It is not only an invitation for errors, but feels insane!

In the past, the T5008 was downloaded automatically from CRA.  There is nothing on the CRA website relating to T5008 data.

Also, there is a note in the Turbo Tax form saying that “If I am claiming capital gains/losses on the T5008, I should not enter these amounts again as capital gains/losses.”

I do not know how to deal with this.  Any suggestion?

[Delphision]

If you have multiple entries for individual stocks, you can enter them on a spreadsheet and get a total profit/loss for each company.  If you have 200 individual stocks, you may need to total them all up on the spreadsheet and just input one total entry for either gain or loss. Keep the data as CRA may want to see the calculation.

[LBM5602]

Thanks for the response of input one total entry for either gain or loss.  Where do I enter this?  On one T5008 window and/or Capital Gains Profile and/or Schedule 3?

[Delphision]

The T5008 is basically a notification to CRA that trades have taken place. Often costs are not included on the T5008.  The T3 would be the most appropriate. Hopefully CRA has that fixed. A big update went through today.

[TurboTaxSusan]

@LBM5602 You can enter the amounts on the T5008 or the Capital Gains profile. Either way the info will flow to Schedule 3. You can try to group together your transactions and just enter the totals.

[klaxnow]

Hello,

I have similar issues - over 200 transactions and I would need some clarifications on how to fill it in, please.

I have a slip T5008 from my broker, which is almost empty and attached pdf with all the transactions. Turbo Tax page has many empty boxes and I am not sure which are necessary to fill up, so going one by one:

1. source = basically name of the broker

2. nr 14: date of disposition = since there are so many dates, can I put the date of the last transaction in that year?

3. nr 15: type code of securities = I understand that I should write SHS

4. nr 16: quantity of securities = should I add shares from all transactions? Can I leave it empty?  Lots of work ... 

5. nr 19 face amount = there is an empty space on T5008, so I guess I will leave it empty

6. select = capital gains  and percentage for spouse 0%

7. nr 11: Recipient type = 1 as in T5008

8. nr 20: cost or book value = should I add costs of all transactions? Over 200 transactions ...? AND how about conversion rates? The transactions were made in USD. Do I convert USD to CAD at the point of each transaction finding out what was a conversion rate or when all is added up? Then I would choose the date of the last transaction as a conversion rate?

9. nr 21: proceeds of settlement = similarly like above, add all transactions and have one figure?

10. nr22, 23, 24 are empty = I don't have anything on my T5008 so I guess I can leave them empty

11. outlays and expenses = I don't have any but if I would acquire any fees in a process of these transactions, can I put them there? What if I am using a software that facilities my trading, would that be applicable? What expenses are allowable?

I understand, lots of questions but I would like to know how to do it correctly, so if anyone could address them please? Especially points: 2, 4, 8 and 9

Best regards