The T5008 reports a sale of securities and results in taxable capital gains. Check your T5008 to ensure that there is a cost of securities included. If there is no cost reported, it will add the entire proceeds as income.
Hi, I'm having the same issue that the sum of all of the Box 21's of all my T5008 forms are being summed and reported as 'Other income' on the income summary tab of my TurboTax return. I HAVE filled out all of the box 20's indicating the book cost (which in many cases is higher than the proceeds box 21).
How can I prevent all of the proceeds from Box 21 from showing up as taxable income? Thanks.
In every T5008 slip, you have to make sure to choose the correct security type: Investment or Capital gain. This information doesn't usually transfer properly with CRA data transfer. You also have to make sure that box 20 is filled in every slip. When you choose the type of security, it will direct it to the investment line or the cap-gain line and both will result in different refund values.
If you still have issues after following this process, please contact our support line: https://support.turbotax.intuit.ca/contact/
I hope this was helpful