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Mac77

T5008 capital gains questions for UFile Online

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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

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1. Brokers do not (should not) be providing the Cost Base since you could have the security in more than one non-registered account and thus the Cost Base has to be aggregated across those Accounts. You have to input your own Cost Basis in Box 20 from your own records and the Proceeds of Disposition in Box 21. The software automatically calculates Cap Gains/Losses then ends up on Schedule 3.

2. I always use a separate line simply because it is easier to let the software do the math rather then me using a calculator.

3. The software automatically calculates the inclusion rate (50%) on Schedule 3 and transposes the result on Line 127 of the T1.

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