How do I complete the mandatory fields in the T5008 section?
Boxes 20 & 21: You’ll need to include both the proceeds (box 21) and your adjusted cost base (ACB) (box 20), even if box 20 is blank. Many T5008 issuers report only the proceeds because they don’t know your ACB. It’s your responsibility to track your ACB and enter the correct amount in box 20. If you aren’t sure, contact your advisor or broker.
Capital or Investment: You’ll also need to indicate if your T5008 slip relates to income that is capital in nature (e.g., shares or mutual funds), or if it relates to income that is investment in nature (e.g., dispositions of mature T-bills).
Exchange rate: If there is a value in box 13 that is not CAD, exchange rate is mandatory. We recommend removing the value from box 13 and reporting boxes 20 and 21 in Canadian dollars.
Do I need to include this T5008 on my return?
If you disposed of a security for a gain/loss you should report this on your return. This applies to gains/losses realized when you sell shares or mutual funds and to income earned when you dispose of securities like mature T-bills.
However, if you disposed of an interest bearing instrument (e.g., a high interest savings account) where you’ve already reported your interest income on your return (e.g., on a T5 slip), you probably don’t need include this T5008 on your return.
If you aren’t sure, you should call your advisor or broker. Unfortunately, we can’t answer this question for you.
Can I use the Capital Gains & Losses section instead?
If you prefer you can report your gain/loss/investment income in the Capitals Gains & Losses and/or Investment Income section (as the case may be).
For capital transactions in particular, many users find it much easier to use the Capital Gains & Losses section than the T5008 section. From a NETFILE perspective there is no difference; exactly the same information will be transmitted to the CRA regardless of where you report it. Just be sure not to report dispositions in both sections.
These transactions are business income, what do I do?
If your slip relates to your business income (e.g., because you are a trader), don’t use the T5008, Capital Gains, or Investment Income section. Instead include your income/loss in the Business Income section.