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T5008 - Capital Gains

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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?

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Thank you AltaRed. Can you tell me where I can find "Schedule 3"? Currently I have T5008 sheet selected in UFile, and am not too sure how to fill out the specific requirements of this sheet. I've completed the adjustedcostbase data entries.

For example the UFile question is asking me "Quantity of securities". Do I put total shares sold as of 2018?

Cost or Book Value - Which column do I refer to in the adjustedcostbase.ca website?

Proceeds of Disposition or Settlement Amount - Which column do I refer to in the adjustedcostbase.ca website?

Any guidance is greatly appreciated!!

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Ufile populates Schedule 3 automatically as you enter your T5008 data.

- Yes, total shares sold in 2018 (and only those sold in 2018)

- I don't use adjustedcostbase.ca so can't help you, but it should be intuitively obvious.... Cost or Book Value is the same as 'Adjusted Cost Base"

- Disposition is the total dollars you received (not including commission). Commission goes on the Expense Outlay.. Or if your T5008 includes commission cost already in the sales proceeds, leave Outlays blank.

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I have a problem with populating T5008 slips. I believe I should just use the numbers given to me by my financial institution ( acb and Proceeds ). If I don't the total is duplicated if I leave the T5008's there. Since the CRA has these slips...I can just surmise the totals. I don't really have to give the number of shares because the slips all have different companies. I was floored when I saw how much I owed. Don't populate the T5008's just use totals.

Otherwise I really love Ufile.

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You mentioned: 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?

-The T5008 doesn't contain the trade details. I have many stocks which I have I sold and it was the bank, BMO in my case has all those documents.

It shows each and every transaction, sort by date or buy or sell or All. It works good

Go to your bank and under your investors profile check your transaction history in your investors' account. You can generate a report on the dates specified to give you the Realized Gain/Loss. It gives the company name,  date bought, Cost of buy, date sold Net Proceeds and Realized Gain/Loss

I hope this helps

Cheers

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Don't use T5008 data if you are going to use brokerage ACB and Proceeds data from Capital Gains (Loss) Reports (different brokerages name these reports slightly differently).  The official T5008 from your broker cannot have the Cost Basis, aka Acquisition Cost, aka Book Value box filled in because technically your broker cannot be sure of your Cost Basis : 1) especially if you transferred the asset in from another brokerage and they can't verify what your Cost Basis is, 2) you may have the same stock in another brokerage account unknown to them and you have to aggregate your holdings to get to the correct Cost Basis, 3) if you journalled a stock between USD and CAD sides of your brokerage account....it is a guarantee you brokerage will NOT have used the correct forex rate when journalling between CAD and USD sides of the account.

Additionally most brokerages, but potentially not all, brokerages have corrected Cost Basis for phantom re-invested capital distributions that ETFs sometimes distribute in late December each year. Such distributions increase your cost base so if you miss that, you simply end up with a larger cap gain (smaller loss) than you might have had otherwise. CRA doesn't care if you pay too much.  Most brokerages make the correct Cost Basis adjustments (Box 42 tax slip data) downward to handle Return of Capital (ROC) data.

The brokerage Capital Gains (Loss) report is an information document and thus they do include Cost Basis in order for them to advise you what they think your capital gains or loss actually is. It is for you to verify from your own Adjusted Cost Basis records.  I am not aware of any tool or report that aggregates multiple sales of each holding, but if you have been updating your Cost Basis throughout the year as you make the trades you would already know that information. Hint: Some people use  https://www.adjustedcostbase.ca/ to keep track of Cost Basis. The blog on that site has great information on Cost Basis as well.

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