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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.

A question like this was posted under T5008 Import but the issue was not answered. This may be a bug in the import process. 
Manually Entering T5008 results in the correct Schedule 3 Supp reporting
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Accepted Solutions

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.

You need to go back into the T5008 slips and make sure that the income type is correct. If capital gains is not selected, then the amounts won't go into  Schedule 3.

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7 Replies

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.

You need to go back into the T5008 slips and make sure that the income type is correct. If capital gains is not selected, then the amounts won't go into  Schedule 3.

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.

I checked the imported T5008 items, and they did not have the "Type of Income" field nor the Disposition Date field populated.

Once updated, they showed up on the Schedule 3 Supp T5008 as expected.

TurboTax review also flagged the blank entries as an error "In order to report income from your T5008 slips properly, you must indicate the type of income for each slip." 

Thank you for the reply. 

swamiodo
New Member

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.

This answer does not resolve my problem. My imported T5008 information is noted as "capital gains".

The total of all T5008 transactions results in a $6500 loss but no capital gains loss is noted on my return.

Furthermore manually copying new T5008 entries does not change my tax refund due amount.

Finally, I am importing several amounts on capital gains on T3 slips but the capital gains reported on 

my return is zero. The T3 gains are $4000 so I am losing a capital loss deduction.

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.

@swamiodo Are you using TurboTax CD/Download or TurboTax Online?

swamiodo
New Member

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.

I was using Turbotax online.  On further investigation I noticed that CRA had informed me in the reassessment notice that I had an unused net capital loss of $1500. However, I was very surprised that Turbotax does not supply this information as part of the tax filing process.  As I noted, the lack of a tally of capital loss totals makes it very difficult to check that capital gains and losses have more or less been entered correctly.

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.

No, there is no place in TurboTax where just your losses are listed.

 

On the Income Summary it will show you your taxable capital gains which is calculated after removing losses, as does the detailed tax summary (12700 Taxable capital gains). 

 

On the Bottom Line (Tax Summaries) page, when you click on the "See info to carry forward" link, you will see any losses that are being carried forward. 

 

And on the PDF of your return, you can look at Schedule 3 which will have all your capital gains and losses.

DTr1
New Member

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.

This is unacceptable for people like me who have hundreds of entries to update income type on the T5008.  Does any one know of another program, besides Turbo Tax, which can do it in a single step?