I have approximately 200+ stock trades to report. Do I have to enter each and every different stock into the On-Line version of Turbo Tax in the T5008 section?
How can I enter them into the Schedule 3 directly?
Last year I maxed out the capital gains/loss section & used up most of the T5008 entry spots also with less trades than tiis year.
No need to report every single item. You can group like sales together. For example if Share XYZ sold 4 times last year, enter XYZ once and include the totals of the 4 trades.
You can use either the T5008 or the S3 > click on the Income tab and select "Investments" then "Capital gains".
No need to report every single item. You can group like sales together. For example if Share XYZ sold 4 times last year, enter XYZ once and include the totals of the 4 trades.
You can use either the T5008 or the S3 > click on the Income tab and select "Investments" then "Capital gains".
Can you please provide more detail on how to input a long (too long to import through TurboTax) T5008 summary into turbotax as ONE trade? For example, if you post as ONE trade, what transaction date do you post in turbotax when the transactions occurred throughout 2019? What exchange rate do you use? How do you account for Canadian dollar and US dollar transactions? My T5008 Summary give me the the Total Canadian Dollar Equities, bonds & Others, and as well Total U.S. Dollar Equities, Bonds & Others. Please advise. Thank you.
In 30 years of filing stock capital gains I have never filed a T5008. I have always filled out the Schedule 3 and Supplement.
This year I stupidly decided to use the "Online" process and as far as I know I did not have the option. It only presented me with the T5008.
I have now filed my return and printed out my PDF copy and the Schedule 3 is blank and there is no T5008 in the package so I have no detail of my trades as posted on my return.
At this point I have decided I will not make the mistake of using the "Online" format again. It's like working in the dark when you cannot see the forms. imho.
To turobtax
In the long forgotten days you got trading slips and not much more -so detailed entries of every trade were necessary
go to present - online platforms (the only one I am familiar with is Investorline) provide summaries which detail every trade (unfortunately not all in CDN dollars). So if the summaries provided by the trading platform included the conversion to CDN they would be a one line entry (instead of 200 - 300 entry lines).
The caveat here is that stock you have held for a long time (10 years or more will not likely have an accurate cost base and you will have to go back to the original trading slip for that adjustment)
So on the next update provide an option for a one line entry for T5008 since most traders are likely young and don't have 20 - 30 year stock holdings
Can you please provide me an example as to what information should be included in a single entry for all (>100) T-5008 slips on the Turbotax.
Thank you,
Audiate
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