When using the Data import from CRA, the T5008 capital gain/loss information does not carry forward to the Schedule 3 Supplemental T5008 section or any other place.

[msilver2]

I'm not sure that you can blame TurboTax for this issue.

This is a CRA issue.

If you log in to my service Canada, you can download all of your tax slips in a pdf format.

You will see that the disposition date is not in the T5008 forms.

The only place I see mine are in the paper copies that I received in the mail.

If TurboTax is getting the information from the service Canada account, it can't provide information that is not there.

What they could do is change the default disposition date to 12/31/2024.

Since the liberals decided to reverse course on raising the capital gains (to help win the election) the date will be meaningless. They should also default the type to "Capital Gains"

After importing they can warn you to review the defaults and make changes where necessary.

[grootjo]

Thanks for added info msilver2. I now see what you are saying about the fact that even in the PDF download from CRA that the date and investment type were missing. I agree completely that CRA should have instead addressed this on their end, preemptively, by doing as you suggested or fixing the issue in some other way. This especially true given that that the actual date of disposition is no longer relevant after the government's recent reversal on that issue. Agreed, a warning from CRA about this issue would have been appreciated. 

I am also left wondering if a powerful potential lobbyist for action on this issue, such as TurboTax/Intuit and other tax software companies, could have applied some pressure for CRA to provide a simple workaround before taxes were due? Then again, maybe they did and either CRA decided not to deal with it, or the change did not come in time for the end of this tax season. Maybe it is/was only an issue for TY2024 and therefore they don't plan to make any changes.

[Trisnam]

I too am wondering WHY I am paying more taxes this year when I put in a date for the T5008 entries? I have had threads in other forums here not responded to by admins and I really want an answer to this? I have tried Jan 1 2024 and Dec 31 2024 in all entries and in BOTH cases i am forced to pay more taxes then if there was no date entered at all. WHY? Please !

[grootjo]

FWIW; I just talked to a person who preps taxes for a living at a well-known firm and they said to simply (1) not import the T5008 forms from CRA (i.e., delete if you have already imported them) and then (2) sum up ALL of the capital gain disposition amounts from each and every T5008 you have for TY2024 (i am using a computer spreadsheet, e.g., Excel, so i have a record of it), and enter that grand sum in one T5008 form in TT with the Disposition Date as "End of the Year, i.e., 31/12/2024" and Income Type as "Capital Gain". (I don't have any Income Type that is "Investment" so i am not needing to consider those.) 

Apparently that's what is being done at their tax prep firm and it makes sense with regards to the info CRA is asking for now that the changes to capital gain processing and reporting were rescinded.

[grootjo]

I am no tax expert but just a thought. It seems possible that when there is NO date, none of the capital gain disposition values are being included in your income calculation? That seems to make sense to me because, as you stated, the difference only occurs with date vs. no date, and not different dates. I assume all dates, regardless of the specific date, produce the same effect on your taxes owed, correct?

[otr4tax]

The place to check is Schedule 3 Supplemental Statement.  There is a section "From t5008 Slips" in both the before and after June 24th 2024 parts of the form.  Check both sections with and without a date.  You will likely see that they are not being pulled in with no date so your gain/loss won't be included in the roll up to Schedule 3. Assuming you have capital gains, your taxes would go up if they are reported.