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Found 15 results

  1. Good day! I auto downloaded from CRA, and received a T5008 for an in-kind contribution of a stock to a TFSA, from my main taxable investing account. Comparing book to price at transfer, I have a small loss. I know this isn't claimable, but CRA doesn't have a book cost listed, so I don't want to leave it as is, or they (and the UFile program!) will think I had a profit for the full amount. However, if I enter the actual book cost, it will see this as a loss on your program, which I am not entitled to. I don’t want to delete it, since CRA will just see it as a gain I am skipping over. How should I do this? If nothing is obvious, my next plan is to call CRA. Thanks! I should point out that I did contact UFile, outlining the question as above (Request# UB2770304 if you are “listening” in, UFile!) , and this was the somewhat disappointing and yet amazingly humorous off-topic reply to my inquiry at 4:45 yesterday (I wrote back immediately, but have heard no more): Hello, Thank you for contacting UFile technical support, If you have some losses in your T5008, you should choose 'Capital gain /losses' as type of income not 'Investments income. Regards, Fadi On behalf of the UFile Team
  2. I was trying to scour the UFile forums and could not find the answer I am looking for. Hopefully someone can shed some insight on how to properly fill out my T5008 section. Background: I purchased and sold many positions. For the sake of brevity, let's say I have made a total of 50 trades this year, buying low and selling high. However, when I sell, I do not sell everything (i.e. selling a portion) and purchasing some more when the price is lower to sell again when it is high. If I have made 20 (of the 50) trades this year from one specific stock, do I need to open twenty T5008 forms to fill out? Is there a tool that can assist me in calculating the cost of each trade?
  3. When I did CRA Autofill, I noticed that my T5008 form did not have the cost/book value filled in. I accepted the CRA information but my T5008 information did not appear later in the interview. Do I need to add the T5008 tab and enter manually? If so, how do I make sure to not have it entered twice?
  4. After selecting the autofill my tax return, the system automatically filled my T5008 ( Statement of securities transactions) information into Investment and interest income and expenses section. After that, I needed to add other relevant details like book values or outlays etc. which I completed. At the end of the system calculated that I owe like $200,000 to CRA which is not true. Ufile just calculating my transactions as my profits... it seems that it is not doing the actual calculations (realized gains: proceeds- cost&expenses ). Why? I know if I will fill my information manually in capital gains/losses section (Schedule 3), there will not be any problem. But why it is not doing the right output of tax return when autofill option is used?
  5. Hi All, I was looking for some help and clarifications for filling in my T5008 to declare capital gains. 1.) Box 21: I have only declared the profit from the proceeds of disposition. My Trading Summary statement only shows the sell price but the cost is blank. Likewise, there is no field in the T5008 sheet to declare the original share cost. So going off memory, I've determined the cost and calculated total profit from the transaction from there & entered into Box 21. Is this acceptable? 2.) I have a another transaction: CALL-100 for the same security as above. -> would this be entered in a separate T5008 sheet in the same way? 3.) Only 50% of realized capital gains are taxable. This is not mentioned anywhere on the T5008 page. I suppose this is a hidden calculation done at the Review stage and do not need to worry about it? Thanks in advance for any help you can offer! Mac
  6. Questionz

    t5008

    Perhaps I was not able to find the right key words to find the answer, and I apologize if it's been brought up many times... I have positions bought this year, and have partially sold them. Can anyone direct me on how to fill my ufile when it comes to capital gains? If I filled out my "Total proceeds from the sale of the shares or property" and "Adjusted cost base of the shares or property", I'm afraid that it might not be accurate, and by next year, if I decide to sell the rest of my shares, then I will not have any "purchase date". Also, when filling this out, if I bought shares on multiple occasions, do I document on my first purchase date and my last sold date in order to make it easier to interpret on the form? Thanks!
  7. I'm trying to enter all my T5008 slips, but I seem to have hit some sort of limit. When I try to add another slip I get a message saying "You cannot add any more pages of this type." As far as I know, I am supposed to file every slip I get from my broker, not just the top 100 or so that I have entered. UFile email support has only only given me a blanket response to a different question than the one I asked. Is there some override I can set somewhere? Or some other support channel I can use? Or am I out of luck, needing to get a refund and use some other solution?
  8. I was issued a T5008 form for shares I sold. Some were losses. There are two seperate T5008 forms on UFile. One is for "investment income" and the other is for "capital gains/losses." Both forms are completely identical so I am unsure whether to fill out both or just the "investment income" form. Does anyone have any advice on this matter? Thanks in advance. This is a copied question from dariantax which i couldn't have asked better myself. Help is appreciated
  9. Auto-fill downloaded T5008 info into Schedule 4 instead of Schedule 3. Will UFile be fixing this software issue or do I need to correct it manually?
  10. I am trying to figure out how to properly put in an in-kind transfer on my T5008. From a joint account I transferred some shares of a stock in-kind from the joint account to my TFSA in my personal account. These stocks had originally been placed into the joint account by the other holder of the account at a price of $Z. The information reported on my T5008 was as follows (nil represents blank information): -Buy: nil -Sell: X -Security description: 'security name' -Price: TO-TFS -Cost: nil -Proceeds: $Y -Commission: nil So basically X shares of 'security name' transferred in-kind to TFSA at a value of $Y. In ufile i selected T5008-capital gains, choose my quantity of security at X shares (line 16), and the put proceeds of $Y into line 21. Doing this it seemed like the entire quantity of $Y was being taxed on my return. The book value of the stocks was at $Z, and the price at the time of the in-kind transfer $Y was higher than $Z. Am I doing something wrong?
  11. 4seasonscentre

    No T5008

    I have sold stock in 2014. However my brokerage has not provided me a T5008. They just sent me a transaction summary which I guess means I have to figure out the ACB myself Do I use the T5008 form in Ufile and just pretend they actually sent me a T5008?
  12. Hi, I entered the numbers in T5008 (for securities transactions) under Interest/investment income as instructed, but the gain is not appearing on line 127, nor was previous year's capital loss being applied to this year's capital gain for tax reduction. Can someone please help?
  13. I am a little confused by the T5008 which I get from TD and how to use it. For me its called a Trading summary with no mention of boxes for income tax such as box 20 and 21. Its not that complete compared to the information required in the interview for selling a mutual fund either . I talked to a TD web broker who said this is all they ever send out and I could get a tax guy if I need more help... (not much help!) I have found its easy to fill out the UFile T5008 from my statements and the T5008 form I get from TD so that box 20 and 21 values can be put in. From the Interview however in UFile I also seem to need to fill out the "Capital gain>Stocks,Mutual funds and other depreciable property" with the rest of the information like acb which I can calculate etc and this form will easily show the capital gain and I assume report it in the proper way My question is in the case of a sale do I need to fill out both of these forms or just the "Capital gain>Stocks,mutual funds and other depreciable property"? I don't want to get dinged twice for a capital gain on a sale from two forms...... Thanks for any help....
  14. Greetings Just running into a problem - this year we sold a stock I've held since 2010. At that time it wasn't purchased, it was exchanged to my account for another stock from a family member. I received a few hundred shares of a couple stocks and transferred out a few hundred shares of other different stocks... Because of the non-1-to-1 nature of this exchange, I don't have a cost for these shares, thus I don't know what the actual capital gain was - I just have the full proceeds from the sale this year. Do I have to claim the whole sale as capital gain? (per my t5008)? My 5008 has both the stocks I got in that series of transfers indicates the full value of the sale as a gain because the cost is unknown. Rundown-- 2010: Give stock A and stock B to Dad (internal at the brokerage) Get Stock C and D from Dad 2013: Sell C and D but do not know the cost - there was no recorded cost to the transactions.
  15. tony201188

    T5008

    Can anyone tell me where to find information of T5008 and the meaning of each item on the form ? Thank you.
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