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Clare Heffernan
New Member

T5008

I can't seem to address a major Turbotax problem I had directly with them so will try via this forum.

I used Turbotax online standard (Canada) and then paid extra for a Tax Expert review who went over most of my Turbotax return.  My T5008 slips were automatically imported into my return from my CRA account,  which was great, except that  I didn't realize that only box 21:  Proceeds was filled in and not box 20: Adjusted cost base.  As a result, I was assessed to have large taxable capital gains, whereas in fact I had net losses in 2020.  When I asked the tax expert, he said the amount reported was net, but it is not and you have to enter the Cost base manually into T5008 slips. 

So now I have engaged a Tax accountant to correct all this and refile.   I made the same mistake in 2019. 

With all the warnings and error finding functions in Turbotax,  one would think that a basic error such as this could be picked up and the user could be alerted, or even better an alert  at the time the slips are imported.

Also, while Turbotax constantly interrupts the tax return  process for structured feedback, and promos to spend more money,  I can't find any way to directly advise them of the problem I had. 

 

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