Why all numbers from T3 form sum up and come as additional income in my tax return?
We are low income family and we have an investment account for 10 years in TD bank in order to collect money for down payment. We received both T3 and T5008 forms for 2018 year.
1. T5008 shows Capital Gains/Losses $20.
2. T3 shows total of $7,200 (gains + dividends) and appears in our tax return as income and makes us owning to CRA $2500. But the statement for Jan 01, 2018 to Dec 31, 2018 shows that our investment account went down by $8,500. When we spoke with our account financial planner, he said that if we were to overdraw all funds from our investment account on Dec 31, 2018, we would loose $8,500 in reality. So, how come T3 adds as income of $7,200?
3. Our financial planner says that $7,200 was not our actual income, but it was a "result of money movements, buys and sells" only.The question is:"Can we claim $8,500 from the official statement (According to CRA, it's possible to claim only $3,000 a year) as losses in order to balance and lower our owning amount?