[How to report T5008 as Income (and not capital gain/loss)]

16 hours ago, ufile2022 said:

So if you have hundreds of trades from day trading in the year, you'd have to enter them all one by one? There must be a less tedious way to do this?

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.

[How to report T5008 as Income (and not capital gain/loss)]

8 hours ago, KG3 said:

I read the entire thread but I'm still very confused.

 

I have 26 transactions. My total is a loss not a gain.

After 4 hours I got to speak with CRA and they said I needed to enter each transaction into the T5008 form in the ufile program. But here I read you can do the totals? 

Is there anything else I need to report in ufile once I enter all 26 transactions?

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.

 

[How to report T5008 as Income (and not capital gain/loss)]

KG3, see my reply dated Match 21 on the same topic above.

[How to report T5008 as Income (and not capital gain/loss)]

4 hours ago, alared said:

Hi, @TaxSmith  How do you enter a summary of trades?  What details are required?  I have just short of 500 trades, all in US securities. for the tax year 2020, likely more for 2021.  Filing 2020 first.

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)

[How to report T5008 as Income (and not capital gain/loss)]

On 3/3/2022 at 3:52 PM, Denis K said:

Hi @Tax14,

I meant the security type as you can choose Stripped bonds or Treasury bills to have investment income at line 121000.

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 

 

[How to report T5008 as Income (and not capital gain/loss)]

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?

[How to report T5008 as Income (and not capital gain/loss)]

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. 

[How to report T5008 as Income (and not capital gain/loss)]

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.