How do I report amounts from my T5008 slip?

This post includes the most common questions we receive about reporting T5008 slips.

 

Do I need to include this T5008 on my return?

If you disposed of a security for a gain/loss you should report this on your return. This applies to gains/losses realized when you sell mutual funds.  You can use either the T5008 section of your tax software OR theCapital Gains & Losses section. For capital transactions in particular, many users find it much easier to use the Capital Gains & Losses section than the T5008 section. From a NETFILE perspective there is no difference; exactly the same information will be transmitted to the CRA regardless of where you report it. Just be sure not to report dispositions in both sections!

 

How do I complete the mandatory fields in the T5008 Section?

Boxes 20 & 21: You’ll need to include both the proceeds (box 21) and your adjusted cost base (ACB) (box 20), even if box 20 is blank. Many T5008 issuers report only the proceeds because they don’t know your ACB. It’s your responsibility to track your ACB and enter the correct amount in box 20. If you aren’t sure, contact your advisor.

Capital or Investment: You’ll also need to indicate if your T5008 slip relates to income that is capital in nature (e.g., shares or mutual funds), or if it relates to income that is investment in nature (e.g., dispositions of mature T-bills).

Exchange rate: If there is a value in box 13 that is not CAD, exchange rate is mandatory. We recommend removing the value from box 13 and reporting boxes 20 and 21 in Canadian dollars.

Happy Tax Time!

18 Reviews for How do I report amounts from my T5008 slip?

    My question is: Do I pay full tax on the difference between Proceeds of Disposition and Cost or Book Value or is this amount created as a capital gain and taxed at 50%?

      Hi Kathy

      The difference between the proceeds and the book value (cost base) is your capital gain. Capital gains are currently taxed at 50%. I hope this helps you! Julie.

    JULIE
    For us seniors over 65 and use the paper mail in method by hand. what lines and or form pages should we enter the box 20 and 21 numbers. Appreciate Paul in Oakville
    before Trudeau puts the “line” SEND ALL IN !!!! LOL

      Hi Paul,

      Sorry for the delay. You’ll need to complete Schedule 3. From there, you would record the taxable portion of the capital gain on line 12700.

      Julie

    I rec’d T5s and T5008s and when I called my bank they told me I don’t have to report T5008s on my tax return. Is this true? They said they only issue T5008s when you lose money.

      That is totally not true. T5008 includes both gains and losses. You must record it on your tax return.

    I have a T5008 but I have sold and bought back and never received funds. Do I need to include this on my CRA taxes

      If you have a T5008 you must include it on your return. If you sold and bought back there could be a superficial loss rule triggered if you sold at a loss.

    My T5008 contains dozens of transactions of various shares, funds, trusts etc. Do I have to list the entire thing on my tax return or is the grand total good enough? If so, is “various” an acceptable answer for box 15? Just trying to save myself a whole bunch of time here, plus the risk of a mis-typed number

    My wifes sister gifted her some USD gold coin as she was dying with cancer. She wishes to sell these coins for Canadian funds. Is this taxable?

    Hi Julie, really appreciate you taking the time out of your day to answer questions. I had purchased a 2 year Zero Coupon Bond, which is coming on maturity.
    I have not received a T5 or T5008 for the past 2 years, have made several attempts to request these tax forms so I can file it properly to no avail.

    Could I fill them out myself, or would I enquire with CRA?

      If you are not receiving annual interest payments, then you will only receive a T5 for the tax year in which the bond matures. You really should be calculating the annual interest and reporting it. Then when you get the T5, make a manual adjustment so that you are not paying tax on tax already paid. (ie you already reported 1 years worth of interest and your T5 will be for 2 years). You won’t receive a T5008 as that is for capital gains and you only have interest income on the bond if you held to maturity. Hope that helps!

    If I am a non-resident Canada, I had sold some of the funds which I have owned many years ago. The bank issued T5008 to me. Do I need to file capital gain? Please advise.

      Sorry Teresa, I do not have enough information to answer this question.

    I decided to transfer the principal amount of a maturing GIC from my regular BMO Investorline account to my TFSA BMO Investorline account as my 2021 contribution to my TFSA account. BMO Investorline issued me a T5008 for this transaction with the report code 10 CONTRIB, which seems to suggest a transaction to my TFSA, but with an accompanying list of unreported transactions on my regular account. The same principal amount of $5,000 is shown in boxes 16, 20 and 21. None of this makes any sense to me. This is NOT a security. It is a simple GIC. The interest earned on the maturing GIC remained in the regular account. Can you explain why I received a T5008 and what I am supposed to do with the information?

      Cecil – we are not accountants. I suggest you check with BMO Investorline on your query. Good luck!

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