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New Member
posted Oct 30, 2019 4:55:07 AM

What is the T5008 for? I filled up the form .box21 amounts is greater than box 20.How come the balance of refund or owing is no change?

I FILLED UP FORM T5008. BOX 21 IS GREATER THAN BOX20.BUT HOW COME THE BALANCE OF REFUNG IS NO CHANGE?

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1 Best answer
New Member
Oct 30, 2019 4:55:08 AM

On the T5008, if your Box 21 is greater than your Box 20, then you have a gain. Generally, it is expected that your taxes would increase according to this gain.

However, your overall taxes owing is dependant on your overall tax situation. If your gain is small, and overall your income level is low, it is possible that you have sufficient other credits/deductions to offset your income and your final tax amount is unaffected.

1 Replies
New Member
Oct 30, 2019 4:55:08 AM

On the T5008, if your Box 21 is greater than your Box 20, then you have a gain. Generally, it is expected that your taxes would increase according to this gain.

However, your overall taxes owing is dependant on your overall tax situation. If your gain is small, and overall your income level is low, it is possible that you have sufficient other credits/deductions to offset your income and your final tax amount is unaffected.