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.
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.
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?
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.
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.
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.
Entering the 16 pages line by line would have been a deal-breaker for me sending me back to using an accountant
@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:
and calculated:
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.
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
Sorry, I shouldn't have used that acronym here...wrong audience. Thanks for pointing that out.
UX is short for User eXperience. And for T5008 via EasyStep, it's terrible.
The only import function I have seen is when TurboTax downloads it from the CRA web page it will auto-populate the T5008 when connected. other wise, I have personally never seen how to import from CSV file.
did she tell you where to enter that on the Turbo tax software? I couldn't figure it out.
wish I would have read this 3 days ago, lol would have saved me $300 from Turbo tax. my expert is a headache.
I download a CSV from my broker, TD Waterhouse. I'm poor with spreadsheets but I do know how to highlight and instantly add the columns. So I used those totals. For some stocks and options that only appeared to be sold I had to go to the previous year's CSV to see what I paid for them. Last year a different friend told me that this is all she gives to her accountant. This years friend said that the CRA also told him he could do this
I took these notes from my friend
Filling out the T5008
Source = TD Waterhouse USA
Box 14 Date Dec. 31 2021
Box 15 Stocks
Box 16 Quantity of?? (I left this bland because I have stocks and options
Box 17 Multiple
Box 20 Cost or Book Value Column
Box 21 Proceeds or Settlement Sold For
Then I paid the extra bucks to have a Turbotax person go over everything and she said I did it correctly
My first time with Turbo tax. Had not done my own since the 1980s when I was young and only had a T4. For 3 weeks I thought my head would explode. But I vowed to not use an accountant after being ripped off y=for years. Last year he upped my bill to $978 with the tax just for my wife and I. Plus, his staff didn't really know how to do the stocks so I ended up doing the spreadsheet thing. But I had no idea what they did with the numbers I sent them back. Now after using Turbotaac I know where they go
I've had a problem this week since i auto imported my T5008 slips. Seeing I had just over 255+ slips (glad i didn't have manually enter those) all was good, until I saved the return. Next day I was going to do the last of the return when i ended up with the dreaded out of memory. Now I thought that strange as i have 16gig of memory and no way it was full. No problem maybe computer acting up so installed Turbo another computer with even more memory 32gig. Same problem. Now i started phoning help desk (my history is IT) and got onto the phone with some very nice trying to be helpful 1st level people. They eventually said that here is some documents from Microsoft on how to release and test memory. But I was on my on. See I did my taxes on the same installed software and it worked, but when I went to do my dads with his multiple T5008 it all came crashing down. So 2 machines lots of ram same results, has to be Turbo.
What to do to correct - don't import instead total all those slips and your investment group should have sent you a package with that all done for you. Make 1 entry in the T5008 section and your problem is solved.
how to not import just T5008? when we import from CRA, there is no selection which not to import, it import everything, then after successful import, I have to go one by one of these T5008 transaction to select the type of income, which is pain in the ass. TurboTax please fix this.
Unfortunately, there is currently no way to select which forms are uploaded using Auto-Fill.
I have passed on your comments to our product development team.
Thank you for your input.