I have a T4PS slip which included capital gains. Do I also need to fill in a T5008 for this transaction? Would I be double counting the capital gains by doing both forms?

[pittnerp]

I sold all of my shares in my employee profit sharing plan in 2017 and received a T4PS, which included capital gains in box 34.  Do I also need to fill in a T5008 for the same transaction?  It seems that if I list the transaction in a T5008 as a capital gain, I may be double counting and hence paying too much in capital gains tax.

[TurbotaxRobert · Accepted solution]

You do not need to fill in a T5008 for the same transaction since the gain will be picked up from the T4PS information. As you stated, you would be double reporting the same transaction if you also calculate the same gain by making a T5008 entry with respect to the same sale of shares.

[alennon]

What do I do when a T5 and a T5008 have been sent to CRA in my name and are in the system.  Do I delete the T5008 from my return?

[TurboTaxBrenda1]

While a T5008 slip details your securities transactions, a T5 is a statement of investment income. Investment income is what you earn in interests and dividends on investments and only those in a non-registered account. Both sources of income must be reported on your T1 with your yearly tax return.

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