When declaring capital gains from any disposition of capital properties such as trading stocks, you will report these earnings using 5000-S3 Schedule 3 - Capital Gains (or Losses) in 2020 (for all), which also covers other income sources that may not apply to you. Schedule 3 totals all income sources eligible for capital gains and losses, and then takes half this amount for entry on line 12700 of your federal tax return. This link will guide you about How to calculate gains when day trading in Canada.
If you are using TurboTax Online Software, Schedule 3 is named "Capital Gains and Capital Gains Deduction Profile".
The difference between the T5008 - Statement of Securities Transactions and Schedule 3 is T5008 slip just only reports your income or loss from selling your securities transactions such as trading stocks. You will receive the T5008 slip from your broker if you have any income from trading stocks in 2020. Schedule 3 is used for calculating and reporting capital gains or losses. Therefore, you have to enter your capital gains or losses in the Capital Gains section in TurboTax Online Software and also upload your T5008 slip to report your income from trading stocks.
If you need more detailed information, you can verify on our website about the T5008 slip - Statement of Securities Transactions.
For more information about Capital Gains or Losses, this link below from our website will be useful.
Claiming Capital Gains or Losses.
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