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Returning Member
posted Mar 8, 2022 5:22:23 PM

Do I add T5008 sheets to the T5 investment income section if the T5008 are related to business income or should I add up the values and only fill it as business income?

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Level 3
Mar 9, 2022 11:27:02 AM

No, a T5 is not the same thing as a T5008 Slip. While a T5008 slip details your securities transactions, a T5 is a statement of investment income. Investment income is what you earn in interests and dividends on investments and only those in a non-registered account. Both sources of income must be reported on your T1 with your yearly tax return.

It is important to note that however, there may be an overlap between these two slips. They may reflect the same income, and therefore reporting them both would have you report the same income twice. You should consult with those who issued you the slips to understand exactly what you need to report.

 

More about T5008 and  T5 you can find in our Turbo Tax article here T5008 Slip – Statement of Securities Transactions.

 

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