topic Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry f... in Importing your data

When using the Data import from CRA, the T5008 capital gain/loss information does not carry forward to the Schedule 3 Supplemental T5008 section or any other place.

otr4tax — Sat, 09 Mar 2024 21:37:17 GMT

A question like this was posted under T5008 Import but the issue was not answered. This may be a bug in the import process.
Manually Entering T5008 results in the correct Schedule 3 Supp reporting

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry f...

TurboTax_Susan — Sat, 09 Mar 2024 21:48:33 GMT

You need to go back into the T5008 slips and make sure that the income type is correct. If capital gains is not selected, then the amounts won't go into Schedule 3.

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry f...

otr4tax — Sun, 10 Mar 2024 00:23:20 GMT

I checked the imported T5008 items, and they did not have the "Type of Income" field nor the Disposition Date field populated.

Once updated, they showed up on the Schedule 3 Supp T5008 as expected.

TurboTax review also flagged the blank entries as an error "In order to report income from your T5008 slips properly, you must indicate the type of income for each slip."

Thank you for the reply.

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry forward to the Schedule 3 Supplemental T5008 section or any other place.

swamiodo — Sat, 13 Apr 2024 21:15:44 GMT

This answer does not resolve my problem. My imported T5008 information is noted as "capital gains".

The total of all T5008 transactions results in a $6500 loss but no capital gains loss is noted on my return.

Furthermore manually copying new T5008 entries does not change my tax refund due amount.

Finally, I am importing several amounts on capital gains on T3 slips but the capital gains reported on

my return is zero. The T3 gains are $4000 so I am losing a capital loss deduction.

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry f...

TurboTax_Susan — Sat, 13 Apr 2024 21:30:15 GMT

@swamiodo Are you using TurboTax CD/Download or TurboTax Online?

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry f...

swamiodo — Sat, 13 Apr 2024 22:05:36 GMT

I was using Turbotax online. On further investigation I noticed that CRA had informed me in the reassessment notice that I had an unused net capital loss of $1500. However, I was very surprised that Turbotax does not supply this information as part of the tax filing process. As I noted, the lack of a tally of capital loss totals makes it very difficult to check that capital gains and losses have more or less been entered correctly.

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry f...

TurboTax_Susan — Sun, 14 Apr 2024 20:18:36 GMT

No, there is no place in TurboTax where just your losses are listed.

On the Income Summary it will show you your taxable capital gains which is calculated after removing losses, as does the detailed tax summary (12700 Taxable capital gains).

On the Bottom Line (Tax Summaries) page, when you click on the "See info to carry forward" link, you will see any losses that are being carried forward.

And on the PDF of your return, you can look at Schedule 3 which will have all your capital gains and losses.

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry f...

DTr1 — Thu, 18 Apr 2024 18:19:00 GMT

This is unacceptable for people like me who have hundreds of entries to update income type on the T5008. Does any one know of another program, besides Turbo Tax, which can do it in a single step?

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry forward to the Schedule 3 Supplemental T5008 section or any other place.

pa16 — Mon, 17 Mar 2025 23:58:22 GMT

Information on t5008 was correctly imported and declared as capital gains for each transaction. However it did not carry forward to the Schedule 3 Supplemental or in any other place.

(It worked correctly last year)

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry forward to the Schedule 3 Supplemental T5008 section or any other place.

Marilyn30 — Wed, 19 Mar 2025 01:59:27 GMT

I had the same problem, but from the reply earlier in this thread, it mentioned entering the disposition date. Once I did that, it worked.

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry f...

TurboTaxBrenda — Wed, 19 Mar 2025 20:07:45 GMT

Did you enter a disposition date?

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry f...

Marilyn30 — Thu, 20 Mar 2025 02:33:17 GMT

Yes, thank you. I saw that earlier in the thread of messages and tried it and it worked.

However, I have another problem with a shared T3. There are capital gains and other income. I have put it 50% to my husband, 50% to spouse. Other income is split, but the capital gains are 100% on my husband's return. What do I have to do to have it split 50/50?

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry f...

TurboTaxBrenda — Fri, 21 Mar 2025 14:22:29 GMT

Did you enter the T3 on both spouses returns or only on one, saying that 50% was split with spouse?

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry f...

Marilyn30 — Fri, 21 Mar 2025 19:15:34 GMT

I only entered the T3 on my husband's return, saying that 50% was split with me. Boxes 49, 50 and 51 for dividends, and box 26 for other income were split properly. But box 21 for capital gains was not split. I think I know what happened. Because capital gains are now split between period 1 and period 2, additional boxes were added, boxes 52 and 53, with the capital gains split by period. These are the boxes that were used to calculate the gains on Schedule 3 instead of box 21. It seems that the 50% split was not picked up for these additional boxes 52 and 53.

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry f...

MBLloyd1 — Tue, 25 Mar 2025 01:18:35 GMT

What disposition date do I use as it is not on my T5008 which was automatically inputted from CRA? Also, if they are a disposition of Mutual Funds what type of Income do I report it as? I did not have this problem last year. Thank you.

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry f...

TurboTax_Susan — Tue, 25 Mar 2025 22:33:22 GMT

@MBLloyd1 The 2024 T5008 requires a date of disposition due to the new capital gains rate that was supposed to apply to Capital Gains after June 24, 2024. Even though the new capital gains rate is not going into effect, the requirement is still there. So, you can use any date in 2024, if you don't know the exact one.

The distributions from a mutual fund can be capital gains, capital gains dividends, dividends, foreign income, interest, other income, return of capital, or a combination of these amounts.

When you sell or redeem (or cash in) the units or shares, then it's a capital gain/loss.

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry f...

Marilyn30 — Wed, 26 Mar 2025 01:15:17 GMT

I haven't received a response to my T3 question. Right now, TurboTax is not allowing the capital gains on the T3 to be split between spouses.

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry f...

TurboTaxBrenda — Wed, 26 Mar 2025 18:52:52 GMT

This will be fixed between the end of this week and Thursday next week.

Thank you for choosing TurboTax.

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry forward to the Schedule 3 Supplemental T5008 section or any other place.

Lola-64 — Thu, 27 Mar 2025 12:29:57 GMT

I'm having the same issue. I entered dispositions of shares and US bonds manually same as last year but the Schedule 3 Supplemental section is blank in 2024. No details of individual transactions like previous years. It looks like intuit was so concerned about the 1/2 year June 25 change that they messed up aggregating the information that used to appear.

Im guessing that Intuit needs to correct this and provide an update to their software to change it back like prior years.

It looks like the Federal change to capital gains rates in Canada is not approved so irrelevant.

Re: When using the Data import from CRA, the T5008 capital gain/loss information does not carry f...

msilver2 — Thu, 27 Mar 2025 18:38:01 GMT

I struggled with this issue for the last couple of weeks, but I finally figured it out.

In previous years, the date of disposition on the T5008 was available, but you didn't have to enter it.

This year, because the government was going to change the capital gains rate for dispositions made after June, you need to enter the disposition date on the form. If you leave it blank, it won't update your capital gains or schedule 3.

The problem is that when you use the CRA import feature, the disposition date is not part of the import.

After importing the T5008 form from the CRA, make sure to go to the form and enter the disposition date.

Also make sure to select Capital Gains or Investment Income from the type of income drop down or the form will be ignored by the software.

I tested this today using the latest update and it works.