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renepiper_13
Returning Member

Hello. How should I input a T5008 transaction, when the capital loss isnt valid because I re-purchased the stock within the 30 day timeframe? Should line 20 equal 21?

 
1 Reply

Hello. How should I input a T5008 transaction, when the capital loss isnt valid because I re-purchased the stock within the 30 day timeframe? Should line 20 equal 21?

If you know that the T5008 reported transaction will result in a "superficial loss", then you would enter an amount in Box 20 equal to the amount shown in Box 21 so as not to report a capital loss (that is superficial) in this transaction.

 

TurboTax will not recognize these as Capital Losses because it has no way of knowing that the sale corresponds to an in-kind contribution to a registered account. CRA states that you do not deduct these "superficial losses" when you calculate your income on your tax return. 

 

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