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HOW DO I CHANGE T5008 FORM TO INCOME ACCOUNT, DEFAULT IS CAPITAL

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There is no place to change a t5008 form from capital account (default) to income account.   even though the grey area says that it may be on income or capital. How do I do this????

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Can I ask for the reason why it is being taxed as income? If you are a day trader (or equivalent), it should be entered as professional income. There are workarounds to ensure it is taxed as income, but it should be entered in the correct fashion to ensure it is categorized properly.

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first time I heard about professional income.  I am not a professional.. I just trade a lot. thanks for the advice.  and if the program had the ability to catagorize the t5008 as income or capital as it should, it would work properly.

 

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Note the screen shot from 2017, the choice to select income or capital was there. Its there in 2018 as well. In 2019 its gone. Tax deadline is coming fast. Help.

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The solution I will offer is as follows:

  1. INVESTMENT INCOME heading, select the checkbox labelled Calculation of cumulative net investment loss to December 31, 2018 (T936).
  2. Enter gains under the other investment income section.

I will note that the Schedule 3 is never received by CRA. It is to be provided when you are asked for documentation. Only the line numbers and amounts are transmitted.

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