T5008 import

[tkwou]

I've downloaded all my tax receipts from the CRA website including the T5008. It states not to re-enter he T5008 info in the Schedule 3 but the Capital Gains don't appear anywhere on the T1 General.

[heyjude571000 · Accepted solution]

hi  - Click the T-Slips button, select the  T5008 slip.  Click on the  "type of income" line for the T5008 that was imported. You need to select Capital Gains.

[LittleH]

Thanks.  Selecting the capital gains option in the T5008 slip entry form does solve the issue.  Unfortunately I have 86 lines in my T5008.  It would be nice if Intuit could activate the capital gains option in the form rather than me having to go through and do it 86 times.

[tom178]

I think you may have answered the question that I came here for.  But just to be sure I understand correctly.  I can NOT import all my trades from a spreadsheet or CSV file?  I must enter each one manually?  That will kill me.  My friend told me that I can import them but she is wrong?

[heyjude571000]

The only import I know of  is the auto import from the CRA. I only use Turbotax standard so I'm not sure about the other versions of Turbotax.

[tom178]

Thank you.  After I posted, I learned that a friend of mine has been using TurboTax for decades and also calling the CRA and asking to speak with the Stock Market Experts.   Apparently, you do not have to enter all those pages (16 in my case) of stock and options trades.  You can total them up and call them "Imported from TD Waterhouse and  US or Canada" and use the date of Dec 31, 2021.  He urged me strongly to not download the CRA trades to populate your tax form with the trades they have. Some stocks may have been purchased the previous year so the 2021 document will only show a sell, looking like 100% profit so I will have to look for those and use the previous year to find the purchases.

[heyjude571000]

Your friends solution is a good one. The issue about the cost of the shares not being accurate is a good point. I have seen that a few times as well.

[tom178]

Entering the 16 pages line by line would have been a deal-breaker for me sending me back to using an accountant

[yetagainanother1]

@heyjude571000, please understand that the following is directed at TurboTax, not at you.

Your answer does correct the problem, but the UX is horrible! The T5008 transactions are imported, but the transactions have no effect on income until the type of income is specified, and there is no warning of this until you get to the review phase.

I went through this yesterday. This is the first year that I had a small enough lines of T5008 lines to successfully autofill them from CRA (that's another issue...).  All that TurboTax presents is a page with a list of Box 21 (Proceeds) values and Edit / Delete links. Each time you edit a line to specify type of income, and then click "Done with T5008", the page is redisplayed scrolled back to the top. It's quite difficult to keep track of which lines you have already updated the type of income and which you haven't visited yet.

The T5008- Securities Transactions page for an individual transaction shows that the autofill retrieved (at least) columns:

• 15 - Type code of securities
• 16 - # of shares
• 17 - name
• 21 - proceeds of disposition
• 20 - adjusted cost base

and calculated:

• gain (or loss)

so TurboTax has the information it needs to make it easier. They just don't show it on the T5008- Summary page.

This process would be much better if the information was presented in a table showing as much information for each transaction as possible on one line, and explicitly allowing setting the type of income from the table line instead of having to visit a separate page to do so for each transaction. And better still if TT stored this information in an expandable table so the number of T5008 that can be downloaded isn't so small.

Bottom line: I had a significant number of T5008 transactions, but would have been faster entering them myself than going through this process.

[tom178]

Thanks but what does "UX" mean?  A lot of this is greek to me.  This is the first time I have done my own taxes since the 1980s.  I finished and submitted it last Saturday night.  Not sure if I should attempt it again next year