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Mike999

T3 (Box 21) Capital Gains vs T5008 - Double Taxation!

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Hello, 

After importing the CRA 'AutoFill' data, I received T3's, T5's & T5008's 

Problem:  

One of my T3's (Box 21) is for Milestone Apartments REIT showing a very large Capital Gain. (The company merged & went private in May 2017 - de-listing from Toronto Stock Exchange)

One of my T5008's is also for Milestone Apartments REIT showing the number of units (shares) that were sold, as well as the 'proceeds from disposition' auto-filled.   I am to enter the Adjusted Cost and it would then transfer the Capital Gain (or Loss) to Schedule 3. 

The problem is that Ufile is transferring both the Capital Gain amount from the T3 (Box 21) & resulting Capital Gain amount (Proceeds less Adj.CostBase) from the T5008 to Schedule 3 (Section 3 & Line 176), resulting in essentially 2x the Capital Gains amount. 

The Capital Gains amounts are different between the T3 and T5008 (based on my spreadsheet adjusted cost (factoring in return of capital over the years etc.).  Thus I have decided to delete the T5008 form and go with the T3 - Box 21 (Capital Gains) amount that was provided to me by CIBC Investor's Edge.

Could someone advise what to do in this situation, or why Ufile is including both Capital Gains amounts from the T3 and T5008? 

I don't feel like recording a Capital Gain of over $20,000,  twice for the same transaction.  Yet that's precisely what happens in this case.  

 

 

 

thanks,

Mike

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Do not use CRA Auto-fill if you are going to input data via tax slips. The right hand and left hand don't know they are different and they will duplicate. I tried CRA auto-fill in 2016 tax return and had the same issue. I deleted all the CRA Auto-fill materials and used tax slips instead.

CRA auto-fill can be a real issue because first of all, there is no Cost Data (ACBs) for anything one puts on Schedule 3, and that has to be input manually. 

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