If you have a large number of T5008 slips (more than 500), you may encounter issues with Auto-fill. Here's how to handle this situation:
- During the Auto-fill process, review the data to import
- Select "Don't import" for the T5008 slips
Use the Capital Gains & Losses section:
- Add the Capital Gains & Losses section to your Wealthsimple Tax profile
- Add entries for your dispositions
Aggregate your transactions:
- Use your T5008 Trading Summary from your broker or advisor
- Report the totals rather than individual transactions:
- Gross proceeds (total of box 21 from all slips)
- Gross outlays and adjusted cost base (ACB)
Enter the information:
- Proceeds of disposition: Enter the amount from box 21
- Adjusted cost base (ACB):
- Use the amount similar to box 20
- Learn more about calculating ACB
- Contact your advisor or broker if unsure
Important notes:
- Only aggregate amounts are transmitted through NETFILE
- Keep detailed records of your capital transactions for your files
- The CRA may request more information later
Remember:
- You're responsible for tracking and entering the correct ACB
- Aggregating transactions can simplify reporting for numerous T5008s
If you need assistance entering this information in Wealthsimple Tax, please contact Wealthsimple support. For questions about specific transactions or calculating your ACB, consider consulting with a tax expert or your financial advisor.
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