I have a T3 and T5008 from the same investment that was cashed out this year. If I enter both slips I get deducted twice. Should I only enter one slip?

[mike-winterhalt]

T5008 shows capital gains in box beside box 21.  When I enter this slip info, there is nowhere to enter the capital gains but the differnce between boxes 21 and 20 show a gain.

T3 shows Capital Gains in box 21

If enter both slips, my refund is deducted twice.

[TurboTaxKim]

If you have been issued both slips, you need to report them both. There is different information on the slips, although it would appear they relate to the same investment.

The T3 slip shows capital gains at the fund level based on your fund manager buying and selling. (or activity in account).

The T5008 or December 31st account statement shows capital gains based on YOUR buys and sells. (usually only received when you sell or cash out).

And you should be reporting both when filing your income taxes.

[tdibratt]

So I imported my T Slips from CRA.  I have both a T5008 and T3 for same investments.  TurboTax told me that I owed money.  As I went through each entry on the T5008 and set the Capital Gain flag, I could see the money owing going up and up and up.  So it appears to be double counting the gain already reported on the T3.  Is this correct?

[1Gary]

I have been issued a T5008 with many transactions as I trade options.  The final number suggests figures that are a long way from reality as the costs are not often shown.  Does one just use the Sched 3 and report and not show the T5008

[TurboTaxBrenda1]

If you received a T5008 you will need to enter it on your tax return. 

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