If I have completed Schedule 3 with all stock transactions gains/losses do I need to complete a T5008 form as well?

[TurboTaxKim]

No, you do not need to complete a T5008 form as well if you have already made your entries in the Capital Gains Profile.

You can choose to enter these slips either way, on the T5008 slip page or in the Investment section. The Capital Gains or Losses from either entry methods will transfer to Schedule 3 of the tax return.

If you enter your T5008 slips (or use the CRA AutoFill feature to import) on the T-Slips page in TurboTax, do not enter them again under your Capital Gains & Capital Gains Deduction Profile, and vice-versa. Doing so will cause double reporting.

[kangrew]

Hi

I am using online version it does not show schedule 3 and I am not able to find the capital gain or loss.

[TurboTaxHeba]

TurboTax Online doesn't provide a copy of schedule 3. However, the detailed tax summary shows the bottom line calculations (50% of the taxable gain) on line 12700. The loss will be reported to CRA which you can carry back 3 years or carry forward to use against other taxable capital gains. 

If you are reporting capital gains from a T5008 slip, you either fill the T5008 slip or complete the capital gain profile (use the search engine on the top bar) but not both. 

I hope this was helpful 

Heba

[ldarcywilson]

I entered all my gains information on the T5008 slips. However, it did not transfer to the schedule 3. I found this thread while looking to see if I had to add the gains to schedule 3. Can you explain why the T5008 information did not transfer?

[ldarcywilson]

The answer to my question is you have to manually select the type of T5008 (Capital Gains or Investment) on every one you have before it will populated the Schedule three. I had 85 T5008. Very cumbersome. Intuit should add a feature to all allow selecting all or specific items to make a bulk type selection.