T5008

[BillHolmes]

TurboTax doesn't deal with a T5008 correctly when the form reports dispositions of GICs and bonds. The user is required to enter an income type for such dispositions (capital gain or investment income). Capital gains and losses then show up on Schedule 3 as gains or losses from publicly traded shares, etc. Such amounts should be reported in the section of Schedule 3 for "Bonds, debentures, promissory notes, and other similar properties". There doesn't seem to be any way around this issue. TurboTax won't let you Net File a return if you don't include the income type for dispositions. Including this information automatically results in gains and losses being included in the first section I mentioned. This issue is relevant for bonds, but irrelevant for GICs, for which there should be no gain or loss.

[TurboTax_Susan · Accepted solution]

For the bonds, you can remove the T5008 slip and enter the amounts directly into the correct section on the Schedule 3 using Forms Mode.

As for the GIC, unless you actually sold it, then it should not be on Schedule 3, as that’s only for Capital Gains or Losses. The interest from a GIC would be investment income.

[BillHolmes]

Thanks, Susan. I was concerned that if I removed items from the T5008, it wouldn't match the form filed by the FI with the CRA. I take it from your response that this wouldn't be a problem.

The FI reports GICs on a T5008, which is why I included GICs in my question. So I just delete those as well from the TurboTax version of the T5008.

I filed my return this morning, so I'll keep your advice in mind for next year.