I have T5008's from my Investment Advisor. She mentioned they did not need to be individually entered as they were on the associated T5/T3's. Can you confirm?

[TurboTaxKim · Accepted solution]

You'll need to enter the information from every T-Slip you receive. There is different information on the slips, although it would appear they relate to the same investment.

• The T3 - Statement of Trust Income Allocations and Designations slip shows capital gains at the fund level based on your fund manager buying and selling. (or activity in account).
• The T5 - Statement of Investment Income slip can include interest, dividends, and certain foreign income.

• 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).

If you are issued any of these slips, you need to report them.

[bogeyman]

When entering in capitol gains summary say, for example, my wife and I sell 1000 shares for Corporation A and we want to claim half on each of our returns, do I manually split the numbers and show those numbers in each of our returns, or is this automatically done by Turbo Tax.   

Thanks

[Kevinsky]

Where do I enter management fees on the T5008 outlays and expenses box or in the separate investment fees section?

[TurboTaxBrenda1]

Outlays and Expenses

When calculating your capital gains or losses, you need to know your asset’s ACB, as well as any outlays or expenses incurred to buy this asset. Outlays and expenses can include finder’s fees, commissions, broker’s fees, surveyor’s fees, legal fees, advertising costs, and transfer taxes.

https://turbotax.intuit.ca/tips/claiming-carrying-charges-and-interest-expenses-162

https://turbotax.intuit.ca/tips/carrying-charges-and-interest-charges-what-to-claim-3401