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MtnRose

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  1. Bretonix Do I understand correctly that: Brokerages and similar institutions send CRA a T5008 when securities are sold (and on other occasions). When an individual opens a "My CRA Account" they can see/download the T5008's and can also import these into their electronic income tax return (Ufile, TurboTax...). However, even though these tax packages as setup to import T5008's, if these are issued by the broker to report capital gains to CRA, then in nearly all cases, they should not be entered as T slips on a tax return and that is why investment firms do not send them out to individuals, only to CRA . If T5008's are entered on a tax return as T slips and then in a different section of the tax package, Capital Gains is calculated and entered on the securities which have been sold, then this essentially doubles the Capital Gains an individual is reporting on their income tax return. Individuals can use some of the info they can find on their T5008 for working out their Capital Gains and entering this in the Capital Gains section of their return but only enter the info in the Capital Gains section and not in the T slips section ??????? I would appreciate you or anyone else confirming this for me or correcting me. Thanks !
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