T5008

[pneirik]

I download all my slips from CRA.  It all appears accurate.  When the T5008 download, then I go to look at each individual T5008 there is a drop don box for me to indicate what type of income it is.  The two choices are “investment” or “capital gains”.  How do I know which one it is from looking at the slip?  It does not appear to be have been coded by my investment company (TD Private Investment).   When I ask them, the response is “we are not tax professionals, ask an accountant.   But I use turbo tax so i dont need an accountant.  Can someone advise me on how to code income type on T5008?  I receive about 20 each tax year.

[TurboTaxSusan]

Capital Gains would be something that you bought and sold, like share. Investment income would be like bank interest.

[pneirik]

Hi Susan, yes i know what you refer to as difference between what capital gains and interest, but these are “pooled funds” and each fund and the associated T5008 is from a vaguely named fund such as a “mixed dividend growth fund” or a “mixed income dividend growth” fund or a “mixed bond fund” or a “mixed dividend fund”.  Hiw do I know in absence of it being coded by the investment fund how to code it myself.

[TurboTaxBrenda]

Pooled funds are investment vehicles such as mutual funds, commingled funds, group trusts, real estate funds, limited partnership funds, and alternative investments. The distinguishing feature of a pooled fund is that a number of retirement boards or investors contribute money to the fund.

We recommend that you contact the CRA for more information on what to select at 1-800-959-8281.

Thank you for choosing TurboTax.