Jump to content
Français

Tax14

Members
  • Posts

    11
  • Joined

  • Last visited

Everything posted by Tax14

  1. No, if there are hundreds of trade from day trading, you may enter ONLY one summary trade. This is my understanding and this is what I have done.
  2. Let me clarify. If you have done 26 transactions on different shares, ETFs, etc., e.g you sold 100 shares of TD, sold 200 shares of BCE, 100 shares of Enbridge, you need to enter them separately in separate T5008. However, if you did multiple buy and sells of the same stock, e.g bought 100 shares of TD on Jan 15, sold 50 shares on Jan 15, sold 50 shares of TD on Jan 15, bought 200 TD on Jan 16, sold 100 TD on Jan 17, sold 100 shares of TD on Jan 17, and so on, you may enter the summary. I hope it makes sense.
  3. KG3, see my reply dated Match 21 on the same topic above.
  4. Hi @alared, To enter summary, leave the security description and quantity empty, and enter the Total Adjusted Book Cost and Total Proceeds of Disposition in box 20 and 21 respectively in a T5008. Basically, you are entering ‘summary’ in a T5008 form. Your financial institution should have provided you with total adjusted book cost and total proceeds of dispositions values (Wealthsimple has provided me with these values for mu 70 or so trades)
  5. Hi Denis, I used Bond as option for the security type code. However, it is still being included in Schedule 3 (and being charged 50% taxable) on line 12700. The only difference it made is that the item gets moved from item “3. Publicity traded shares, mutual .. “ to “5. Bonds, depreciable property…” I believe that as long as it is being entered as T5008, it will be treated as 50% capital gain. Perhaps, you do a test return at your end and let us know if there is a work around. Thanks
  6. Hi Denis, I use the security code PTI, as provided on the T5008. It is being included as capital gains on line 12700. Is there any other option or way to move it Investment income (so that it is 100% taxable) instead of 50% taxable?
  7. Thanks for explaining how to enter data in T5008. I believe that I understand it. My question is that, while entering data in a T5008 slip, if I want report the gain as income (and not capital gain), how do I do that, as whatever I enter in T5008, it all ends up as capital gain in Schedule 3.
  8. I I have two investment accounts — one at TD Direct Investing and the other at Wealthsimple. The TD account has been in use for over 10 years which has been used for long term investments and I use T5008 slips that I get from TD as capital gain/loss. I opened the Wealthsimple account in March 2021 for ‘frequent trading’. I sold and bought the same share frequently, sometimes on the same day. I have received T5008 summary from Wealthsimple with about 35 transactions and total gain of about $670. I understand that I need to report this as income and not capital gain. My question is: 1. How do I enter this information in Ufile online? 2. How do I enter any expenses (other than commissions, e.g. Internet and interest) to carry on these transactions. It is possible that I might stop doing frequent trading this year, so please suggest so that what I enter in 2021 return does not make filing future returns complicated. Thanks for your help.
×
×
  • Create New...