Hi,
TurboTax has automatically downloaded my T5008s from CRA for 2022. The type is marked as Investment. The details from this T5008 are not entered anywhere on my T1. These entries should be populated in the Capital Gains or Losses Schedule 3, either in line 13200 or 15300 since they are Bond sales, but they are not.
I do not believe it is correct to change the type on the T5008 to Capital Gains since it has already been reported to CRA as an Investment on the T5008 form. I should not need to change a T5008 form already filed to CRA for TurboTax to report it correctly on my T1.
My question is why doesn't TurboTax fill auto populate the Capital Gains schedule 3 section for this type of T5008?
I believe this is a bug. But either way, I will now need to amend my last 3 years of tax returns.
It would also be really nice if TurboTax could auto populate the Schedule 3 Supplementary form so that I could have found this bug in TurboTax much faster. And so that I can easily verify if all 85 of my T5008 forms have been entered correctly.
The type of income decides on which schedule the income from T5008 flow into.
When "Invesment" is selected, it flows into line 12100 as an other invertment income.
When "Capital gain" is selected, it flows into schedule 3 and taxed as an capital gain.
It's the slip issuer's responsibility to display the correct information on this slip and report to CRA.
So back to the original question, since T5008 can include these two types of income, it has to reply on the information provided on the slip to classify this income. If the slip (or from AFR) had this "investment" value, Iit's my understanding that S3 would have been autopopulated.