If you encounter a "Missing box 20" error when entering a T5008 slip, it means the slip issuer provided incomplete information. Here's how to handle this situation:
For shares, mutual fund units, or other securities:
- You must report this disposition on your tax return
- In box 20, enter your adjusted cost base (ACB)
- Alternatively, use the Capital Gains section to report this disposition
For money market funds or high-interest savings accounts:
These typically have a set unit price (e.g., $10 per unit)
- Report the interest income using the corresponding T5 slip you received
- For the T5008, you have two options:
a) Include the T5008:- Copy the amount from box 21 into box 20
- This results in a gain of $0
b) Exclude the T5008 from your return
Important notes:
- Both including and excluding these T5008s are generally acceptable
- Neither option specifically triggers a CRA review
- The CRA doesn't have a stated preference on this matter
Remember:
- Keep records of all your investment transactions
- If you're unsure about your ACB, check with your financial institution
If you need help calculating your ACB or have questions about reporting specific securities transactions, consider consulting with a tax expert or your financial advisor. For assistance entering T5008 information in Wealthsimple Tax, please contact Wealthsimple support.
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