I redeemed a GIC in 2017. I got a T5 for earned interest. I also got a T5008 for the redeemed amount - which is sizable. T5008 doesn't have a "book value". Should it?

[TurboTax-Esther]

You will need to add the book value or cost. Otherwise it will calculate as a huge gain. Make sure the toggle switch is set to "Capital gain"

[liana]

But there are no capital gains on GICs.  They earn interest only, on which I will pay tax.

[TurboTax-Esther]

Then they should not have issued a T5008.  If the interest earned is captured on the T5, you should not have to enter the t5008. I would be asking them why they issued the t5008.