Personal Finance

Studiotax and t5008 clarification?

  • Last Updated:
  • Apr 20th, 2017 10:41 am
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[OP]
Member
Dec 26, 2011
493 posts
135 upvotes

Studiotax and t5008 clarification?

Using Studiotax, imported everything from the CRA and its basically showing me a lot of capital gains this year due to the numbers from t5008 forms.

What am I actually supposed to do with these though as it isn't correct? Since the bulk amount is from a GIC that matured with RBC Direct Investing, and the entire amount was converted to capital gains. The rest was from selling Tangerine Mutual Funds again the full amount but actually it was a capital loss (of $1 haha...) but its just showing the entire sell value as a gain.

What am actually supposed to enter in to the program?

Also I don't actually recall having any of these values for previous years? This is even though I've had GICs mature from RBC DI before.
8 replies
Deal Expert
Mar 25, 2005
20834 posts
1844 upvotes
arandomguy wrote:
Apr 19th, 2017 3:09 am
Using Studiotax, imported everything from the CRA and its basically showing me a lot of capital gains this year due to the numbers from t5008 forms.

What am I actually supposed to do with these though as it isn't correct? Since the bulk amount is from a GIC that matured with RBC Direct Investing, and the entire amount was converted to capital gains. The rest was from selling Tangerine Mutual Funds again the full amount but actually it was a capital loss (of $1 haha...) but its just showing the entire sell value as a gain.

What am actually supposed to enter in to the program?

Also I don't actually recall having any of these values for previous years? This is even though I've had GICs mature from RBC DI before.
GIC should be treated as income. Your ACB had to be entered on schedule 3 to calculate a capital gains and losses.
Deal Fanatic
Jul 1, 2007
7858 posts
692 upvotes
Either you're missing whichever field on the T5008(s) reflects the book value or otherwise you should just skip the wizard, where you enter T5008, and just put the numbers (along with proper book values) right onto your Schedule 3.
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Member
Aug 17, 2008
437 posts
161 upvotes
Quebec
You have to manually enter your ACB for each sale, it dont show up when you import
Newbie
Oct 30, 2007
82 posts
1 upvote
I have the same issue with a T5008 that was created when one of my mutual funds was merged into another. As far as I can tell, the T5008 is only used by the financial institutions to inform CRA of dispositions. The client gets a summary of transactions that also have the appropriate book values that need to be entered into Schedule 3. I would love to confirm this with CRA, but alas impossible to reach them ... tax dollar hard at work ...
[OP]
Member
Dec 26, 2011
493 posts
135 upvotes
Yeah I'm just unsure what I actually need to report.

For the GIC I've never ever reported anything about them other than the interest income from T5s. Should I have been entering GICs onto the schedule 3 in previous years?

I've never used the Schedule 3 for anything before as this is the first time I've ever held Mutual Funds outside a registered type account. And in this case it was only a for a Fund I bought at $100 in 2015 and sold for $99 less than a year later in 2016.
Deal Addict
Feb 29, 2012
2053 posts
1042 upvotes
Richmond
I have no clue how to use the T5008 slips that showed up this year, but when I used the auto-fill function in StudioTax to download data from the CRA, it pulled in a couple of T5008s and auto-filled the data. I left it at that.
Deal Addict
Feb 29, 2012
2053 posts
1042 upvotes
Richmond
(RFD double-post screwup)
Sr. Member
Mar 1, 2016
668 posts
205 upvotes
well auto-fill can only include data reported to CRA, which never included acquisition costs, which you need to enter.

T5008 states that this is only for non-capital gain transaction, so you can remove that non-applicable ones, i deleted the capital gains transactions as i was creating my Schedule 3. For the ones that were clearly interest transaction (mainly HIA from discount broker that looks like a MF), i entered the acquisition costs (which always equated the sell cost), just so that CRA seems i am not hiding anything.

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