Hello.
I have received a T5008 STATEMENT OF SECURITIES TRANSACTION slip from my financial institution. Do I need to complete the T5008 - Securities Transactions form on my tax return if I only purchased the mutual funds? I purchased them in 2021 but have NOT made any dispositions yet.
Thanks kindly,
Yes, individuals need to report information from the T5008 on their tax return. Specifically, you should include the requested information in your Income Tax and Benefit Return.
However, you should make sure that you have not already included this income in other sections of the T1 return, or you will be taxed for the income twice.
If you are using information from your T5008 in your tax return, there might be an exchange rate listed in Box 13 of your T5008, you need to use it to calculate the Canadian dollars you need to report.
For more information, please click: T5008 Slip – Statement of Securities Transactions
Thank you for choosing TurboTax.
Yes, individuals need to report information from the T5008 on their tax return. Specifically, you should include the requested information in your Income Tax and Benefit Return.
However, you should make sure that you have not already included this income in other sections of the T1 return, or you will be taxed for the income twice.
If you are using information from your T5008 in your tax return, there might be an exchange rate listed in Box 13 of your T5008, you need to use it to calculate the Canadian dollars you need to report.
For more information, please click: T5008 Slip – Statement of Securities Transactions
Thank you for choosing TurboTax.