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 agree T5008 has duplicates and is error ridden with missing data. It is not usable. This info is in T3 and T5. How can Turbo tax experts help delete this form so we can actually net file?
I have noticed this too -- gains listed on numerous T5008 forms are all added as income. This did not occur in previous years' versions of TurboTax. Gains or losses from stock sales are already reported on T3 and T5 forms -- so the numbers conveyed on T5008 forms will have you & me paying capital gains *twice* for the same thing. I would like to see some constructive help from the TurboTax tax experts on this, and a fix to the program, because I can't complete my return until this road-blocker is fixed.
TurboTax had better fix this T5008 problem, fess up and explain publicly, or they will be losing a lot of customers. I was left having to sort out the problem with CRA,, shame after 13 years of good experience.
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.
Thank you
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
Helpful advise from the Turbo Tax person. BUT.....I've input everything from my T5008 through the Easy Step Navigator and everything appears ok. However, when answering the questions during the "inquiry" process at the start of the new tax return, I was asked if I had bought/sold shares during the year (which I answered yes to). Now, the Easy Step Navigator wants me to input everything again for the Schedule 3. I went to the Schedule 3 Form and see that the dollar amounts from the T5008 information has already been entered onto the Schedule 3. There is a comment--something like see Attached SUPP (SUP?) schedule. I then went to the SUPP Schedule and see all the information that I inputted is all there. If I do as the Easy Step Navigator next instructs (which I did), the info gets put in the Schedule 3 again and shows 2X the amount of Capital Gain than what I really have. Is the problem in how I answered the questions during the "inquiry" stage? Why does TT ask whether I have a T5008 and also ask if I bought/sold shares? CONFUSED
The answer to your question is Yes. You doubled your entry.
The question in the inquiry If you had bought or sold shares was meant for taxpayers who don't receive a T5008 slip, so they get a chance to report their exchanges manually.
However, in your case, you have already received a T5008 > so you need to check the box beside this slip only. Please delete the extra entries in the schedule 3.
If you have any investment charges related to your T5008 slip > use the Carrying Charges profile from the Find engine on the top bar and report it separately.
I hope this was helpful