Do I need to enter information from T5008's and capital gains/losses if I have already entered all the amounts from T3 and T5 forms?

[nnaulls]

I have T3 slips and T5 slips and I also printed the T5008's from my CRA account as well at 2 charts from TD Waterhouse called "Realized Gains and Losses". Do I entered information from all these or will I be duplicating? Not sure if I just enter the information from the T3 and T5's or all?

[TurboTaxKim · Accepted solution]

You'll need to enter the information from every T-Slip you receive. There is different information on the slips, although it would appear they relate to the same investment.

• The T3 - Statement of Trust Income Allocations and Designations slip shows capital gains at the fund level based on your fund manager buying and selling. (or activity in account).
• The T5 - Statement of Investment Income slip can include interest, dividends, and certain foreign income.

• The T5008 or December 31st account statement shows capital gains based on YOUR buys and sells. (usually only received when you sell or cash out).

If you are issued any of these slips, you need to report them.

[Billym01]

my income tax won't go through its only a T5 form

[hippo789]

I already entered the information from the T3 form in my income tax form, how and where do I enter the same information from my T5008 form?

[hippo789]

Where and how do I enter the T5008 form?

[TurboTaxHeba]

T3, T5, and T5008 are different slips and they report different income sources and all have to be reported in the year they have been received.

You can use the "Find" engine at the top bar with the magnifying glass --> type T5008 --> choose T5008 Securities Transactions.

A window for a T5008 slip will open, and you will have to fill it manually if you are not using the auto-fill-my return from CRA option at the beginning of the process. 

Make sure to choose the type of the income correct --> Capital gain for stocks, or Investment

Make sure to fill Boxes 20 and 21 for costs and Proceeds.

This process will generate a value in line 12700 if you have a capital gain, or in line 12100 if you have investments.

TurboTax allows a maximum of 30 T5008 slips in one return. If you have more than 30 --> add them up in one slip --> add all Boxes 20 and all Boxes 21 --> it will give you the same end result. 

I hope this was helpful

[Jack Bell]

If I have already correctly entered my capital gains directly into Schedule 3 and then receive a T5008, which matches exactly, can I ignore entering the info via the T5008 window?

[pritchardfarm]

I have entered all T5008 forms. Where does the list show up - on Schedule 3