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jan3mk

T5008 Income or Capital Gain ?

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I just have one Monthly Income Fund (type of security is MFT), should I report as T5008 income or T5008 capital gain ?? I think I sold it last year, thats why I am getting this T5008. So i should report is under capital gain , am I correct?? 


 


Then when should the T5008 income form be used??


 


Thank you guys!!


 

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If  you sold it, there will be a capital gains (or loss). The T5008 should show the sales proceeds for this transaction and thus it is filed as capital gains/losses, i.e. the data ends up on Schedule 3.

 

An example of the use of the T5008 data as income is for frequent traders that are considered by CRA as a business activity and thus to be treated as income, not capital gains.

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