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Deciding on T5008 or Schedule 3 ?


olddognotricks
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I used the Auto-fill to download my information slips from the CRA. This works fine.

But it downloaded several T5008 's as well.  With just the 'PROCEEDS' amount filled in.

I normally enter my stock 'SELLS'  information in Schedule 3.

This seemed to double everything up.

Can I just delete all the T5008 slips in Ufile (as CRA already have them) and just use Schedule 3 information?

( I read that if you are submitting your tax file on paper, you don't need to include any T5008 forms)

Basically, my question is  'am I right in thinking that  you should fill in one or the other not both?'

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On 4/12/2021 at 12:35 PM, Nawal said:

Hi @olddognotricks, yes you are right but if you actually received T5008 forms for those dispositions, you have to select the T5008 form in the Interview and the program will calculate and report the capital gain or loss on a schedule 3.

No, you don't have to use the T5008 entries at all. I never use them. I enter my own acquisition (ACB) data and disposition proceeds in Schedule 3 which is the third line in the Investment Income and Expenses sub-section.  T5008 data is prone to error and misuse.

By definition, those Schedule 3 entries will use the same disposition data as the T5008 EXCEPT for any transactions done in USD, in which those values have to be multiplied by the forex rate in effect on the dates of the transactions, i.e. the forex rate on the date of acquisition, and the forex rate  on the date of disposition.

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  • 11 months later...

i have 129 t5008's according to cra. i know i have to complete schedule 3 but i am combining all amounts and using only 1. they are all publicly traded shares and mutual fund units. on each of the t5008 there is an amount in boxes 16  box 20 and box 21. how do i show these amounts on the schedule 3. for 1 year of acquisition they are all 2021. but i dont understand what boxes 2-5 are. 

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