I have t5008 slip and i cannot use netfile as it states I have errors in the form, when i click fix it asks for type of income. I cannot proceed unless I select one of the options but it adds it back in as if I didn't pay tax on it of which I have. how can I proceed to netfile leaving this type of income field blank?? it worked with previous versions.
It think there us a serious problem with T5008 handling in TurboTax. As noted, capital gains from T5008 MAY already be reported elsewhere. Also, depending on circumstances, may be capital gain (most likely) or income. The cost basis given by the investment broker is usually $0, which is almost certainly wrong. And in any event, the broker is unlikely to have the actual correct ACB. This fact is acknowledged by the CRA in their T5008 write-up. The fact that TurboTax will just blindly use an ACB value of $0 is a horrendous bug.
The problem is further complicated by the fact that TurboTax seems to Auto-fill the T5008 data during NETFILE. So even if you have all the correct Schedule 3 data in place, it will submit a bunch of incorrect duplicate T5008 data, with an incorrect ACB of $0. This results in an apparent huge capital gain that did not actually occur. And having been NETFILEd there is no way to fix it until the NOA comes. This is a very serious problem.
I have the opposite problem from described above. I imported the T5008 from CRA and it agrees with the printed one I have, but the capital gain calculated from the T5008 does not appear as income (or50% of it) Should I add it to the Schedule 3?
Review your entries on your T5008, ensure all the relevant boxes are completed (percentage holdings, cost /adjusted cost base, proceeds from settlement) and you should see you capital gains reflected on your tax return.
I checked and had not entered 100% for my share which was previously blank. Strange that TurboTax puts 0% as default for spouse, but leaves the filers space blank.
I entered 100% for the filer's share (n all 108 entries!), but the gain still does not show up on Schedule 3, nor anywhere else that I can see. I do not see anything else that is missing and the gain (not shown on the T5008 Screen) seems correct when you take the difference between proceeds and cost which is shown. Please help.
OK. I see the problem. You need to designate the type of income as a capital gain. This seems strange - what other income is reported on a T5008? When yo import the form from CRA as I did, you expect it to be correct and complete. For T5008 this obviously is not the case. Why?
You need to fill four main boxes in your T5008:
Box 20 for cost
Box 21 for Proceeds
Your percentage (whether you own the whole stock or investment or not)
Type of Income (capital gain or Investment)
I have recreated a capital loss scenario for an example and was able to create a schedule 3:
I hope this was helpful