T5008

[BTg]

I had a non-registered investment account since 2017. Bought a few stocks and have not sell any last few years. Just found out I need to file the T5008 even I did not incur capital gain or loss. 
My question is, how do I revise and re-submit last 3 year's tax to CRA ? And, should I do this first before I submit the 2020 tax. Or I can go ahead and file the 2020 tax and revise last 3 year's tax after. 

Thanks.

[AltaRed]

If you nave not sold anything, you should not have received ANY T5008 from the financial institution and there is nothing to fill out on the tax return.

For the record, you can file a T1A online via CRA MyAccount for any of the past several years. It makes no difference when you file those, e.g. before, or after, filing the 2020 return.

[BTg]

Thank you AltaRed. 

I did receive T5008 for 2018, 2019 and 2020, except 2017. These are from CRA. Is that mean I need to file all these years when I receive the T5008 from CRA ? The question is how ? Revise those year in Ufile and re-submit ?

By the way, I did not sign up for CRA MyAccount.

[AltaRed]

CRA does not issue T5008 tax slips. They come from your financial institutions, and they are only issued if you had some capital sales of securities. You said you did not have any security sales and yet you must had security sales if you received T5008 forms with data in them. Which is it?

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/tax-slips/understand-your-tax-slips/t5-slips/t5008-statement-securities-transactions-slip-information-individuals.html

The sample image in that link is just one form. Financial institutions issue T5008 forms in a wide range of formats.

Here is a weird one from Interactive Brokers https://www.interactivebrokers.com/cn/accounts/legalDocuments/sampleForms/T5008.php?ib_entity=cn

Here is the relevant guide on what is in a T5008

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4091/t5008-guide-return-securities-transactions.html

FWIW, everyone should sign up for a CRA MyAccount. It  makes it much easier to see what is on your file, it is easier to amend tax returns online, etc, etc.

[BTg]

Thank you so much AltaRed.

Hmmm, I definitely did not sell anything last 3 years. Yet I received these T5008 slips from my financial institution (BMO Investorline). It shows CRA on top left hand corner. And T5008 with 'Statement of securities transitions' on the top right, for the 2019 and 2020 slip. While it shows T5008 with 'trading summery for 2018' for 2018 slip.
Nothing looks like the one shown on the CRA site T5008 slip image. Perhaps those I received are just the summery of the trade ? I do not require to file in my tax return ?

Here is the slip I received

 

MyT5008.pdf

[AltaRed]

Ahhhh, so some institutions issue T5008 even if there are only buys!! I am surprised BMO IL would do that because there is no reason to do so. There is nothing to enter into your tax return if you do not have dispositions (Box 21). If there is nothing sold (Box 21), there is nothing to report.

As I mentioned, every financial institution's T5008 looks differently.   I've seen at least 4 versions over the past 5 years. It does not matter as long as the Box numbers are correct.

The CRA logo in the upper left is simply an indication this is a CRA designated tax slip  and this one is a T5008.

My sincere apologies for doubting /challenging your premise that you did not sell anything but yet received a T5008. Who woulda thunk anyone would do this?

[BTg]

That's great AltaRed, thanks !