topic Re: T5008, Canada in Getting started

T5008, Canada

LBM88 — Fri, 14 Mar 2025 22:25:35 GMT

Hello TurboTax

I have started to fill out my tax return, but ran into a problem.

I have some 200 stock-market sales completed in 2004. I have received a PDF file listing all my sell transactions from the Bank. In Turbo Tax, when I reached the T5008 part of the return, where I have some 10 boxes to fill for my 200 trades, that would result in having to make 2,000 entries of 6 to 10 digit numbers. It is not only an invitation for errors, but feels insane!

In the past, the T5008 was downloaded automatically from CRA. There is nothing on the CRA website relating to T5008 data.

Also, there is a note in the Turbo Tax form saying that “If I am claiming capital gains/losses on the T5008, I should not enter these amounts again as capital gains/losses.”

I do not know how to deal with this. Any suggestion?

Re: T5008, Canada

Delphision — Sun, 16 Mar 2025 05:01:52 GMT

If you have multiple entries for individual stocks, you can enter them on a spreadsheet and get a total profit/loss for each company. If you have 200 individual stocks, you may need to total them all up on the spreadsheet and just input one total entry for either gain or loss. Keep the data as CRA may want to see the calculation.

Re: T5008, Canada

LBM5602 — Mon, 17 Mar 2025 10:40:31 GMT

Thanks for the response of input one total entry for either gain or loss. Where do I enter this? On one T5008 window and/or Capital Gains Profile and/or Schedule 3?

Re: T5008, Canada

Delphision — Tue, 18 Mar 2025 00:20:02 GMT

The T5008 is basically a notification to CRA that trades have taken place. Often costs are not included on the T5008. The T3 would be the most appropriate. Hopefully CRA has that fixed. A big update went through today.

Re: T5008, Canada

TurboTax_Susan — Tue, 18 Mar 2025 18:30:56 GMT

@LBM5602 You can enter the amounts on the T5008 or the Capital Gains profile. Either way the info will flow to Schedule 3. You can try to group together your transactions and just enter the totals.

Re: T5008, Canada

klaxnow — Tue, 08 Apr 2025 16:22:52 GMT

Hello,

I have similar issues - over 200 transactions and I would need some clarifications on how to fill it in, please.

I have a slip T5008 from my broker, which is almost empty and attached pdf with all the transactions. Turbo Tax page has many empty boxes and I am not sure which are necessary to fill up, so going one by one:

1. source = basically name of the broker

2. nr 14: date of disposition = since there are so many dates, can I put the date of the last transaction in that year?

3. nr 15: type code of securities = I understand that I should write SHS

4. nr 16: quantity of securities = should I add shares from all transactions? Can I leave it empty? Lots of work ...

5. nr 19 face amount = there is an empty space on T5008, so I guess I will leave it empty

6. select = capital gains and percentage for spouse 0%

7. nr 11: Recipient type = 1 as in T5008

8. nr 20: cost or book value = should I add costs of all transactions? Over 200 transactions ...? AND how about conversion rates? The transactions were made in USD. Do I convert USD to CAD at the point of each transaction finding out what was a conversion rate or when all is added up? Then I would choose the date of the last transaction as a conversion rate?

9. nr 21: proceeds of settlement = similarly like above, add all transactions and have one figure?

10. nr22, 23, 24 are empty = I don't have anything on my T5008 so I guess I can leave them empty

11. outlays and expenses = I don't have any but if I would acquire any fees in a process of these transactions, can I put them there? What if I am using a software that facilities my trading, would that be applicable? What expenses are allowable?

I understand, lots of questions but I would like to know how to do it correctly, so if anyone could address them please? Especially points: 2, 4, 8 and 9

Best regards

Re: T5008, Canada

TurboTaxAniqua — Wed, 09 Apr 2025 15:03:52 GMT

@klaxnow

You can put the end-of-year date for all the transactions.
On your T5008 slip, Box 16 (Quantity of Securities) should reflect the total number of securities you disposed of during the year, and you should not leave it blank if there were any disposals. On your T5008 slip, Box 16 (Quantity of Securities) should reflect the total number of securities you disposed of during the year, and you should not leave it blank if there were any disposals.
For box 20 (cost or book value) on your T5008 slip, you should add up the total cost of all transactions, including any transaction charges, and convert each USD transaction to CAD using the exchange rate on the day of each transaction, not just the last one.
Yes, for Box 21 (Proceeds of disposition or settlement amount) on the T5008 slip, you should add up all the proceeds from individual transactions and report the total amount as one figure

For multiple transactions,

you should sum up the proceeds from each individual transaction and report the total in Box 21 of the T5008 slip

Thank you for choosing TurboTax

Re: T5008, Canada

WWS1 — Mon, 14 Apr 2025 06:18:38 GMT

Just to clarify - if i fill in Form T5008, i should ignore the Capital gains (or losses) page in the Capital gains profile?

I'm getting very confused.

Re: T5008, Canada

klaxnow — Mon, 14 Apr 2025 17:58:37 GMT

Yes, if you fill in T5008 then don't do anything with capital gain/loss.

At least, as I understand it, only one of these two options.

Re: T5008, Canada

140Aviator — Sun, 27 Apr 2025 21:47:34 GMT

Entered capital gains in T5008, but information does not flow to schedule 3. Is there a simple solution or do I have to delete T5008 info and enter in schedule 3?

Re: T5008, Canada

Nana171 — Tue, 29 Apr 2025 17:51:22 GMT

I have the same problem, I imported CRA data and it downloaded over 200 slips. now I can't NetFile b/c that's too many slips. ugh. so I'm going to delete them all and put in one total. I have Box 20 cost or book value total less than Box 21 proceeds or settlement by $20,000 and nothing is showing up on tax return or schedule 3 as capital gain. is this correct?

Re: T5008, Canada

TurboTax_Susan — Wed, 07 May 2025 20:31:28 GMT

@140Aviator @Nana171 Please check that you have selected a "Type Of Income" & entered a date of disposition on your T5008 slips.

Re: T5008, Canada

user17753281737 — Sat, 04 Apr 2026 18:44:37 GMT

is it possible to delete the downloaded T5008 and then use the capital gains summary form instead? I have hundreds of transaction and when I tried to enter the date/type of income/spousal %. the TurboTax softward ran out of memory, quit and I lost about 90 minutes of work!!

Re: T5008, Canada

klaxnow — Sat, 04 Apr 2026 20:25:44 GMT

I would guess - yes.

I don't download anything from Canadian revenue and I am doing it for myself manually.

The reason that I think you can amend everything whatever you want is that I download it for my spouse, who has a regular employment and obviously different situation. . However, every single year T4 is fine and Relelve 1 has many mistakes. I keep T4 and I amend Releve 1.

I expect tat you can do the same with T5008. Keep the data that is fine and delete all that is wrong. You can also delete some of T5008. In my case, I had so many of these forms ..., I mean maybe about 100 that it didn't make to sense to use it. I just created 2 separate entries of T5008, one for transactions in CAD and another in USD. Well, and one more for a different brooker.

Re: T5008, Canada

TurboTax_Susan — Sun, 05 Apr 2026 23:00:09 GMT

@user17753281737 Yes, you can group together your T5008s and enter them as TurboTaxAniqua said above.