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What is the T5008 form?

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  • Apr 16th, 2016 6:58 pm
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Member
Nov 20, 2005
417 posts
Scarborough

What is the T5008 form?

Can someone explain to me the purpose of the T5008 form?

I am looking at it in studio tax. I bought/sold some shares of companies in 2008, does this
form apply to me? or only to my broker or others doing the actually purchasing for me?

I only need to record what I have done in the schedule 3 form correct?

Also all I received from my broker was an Account Summary no T5008 form from them.. this is fine right? or is it law they send me a t5008 form?
17 replies
Deal Addict
User avatar
Apr 6, 2008
1599 posts
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bloodwulf wrote:
Apr 6th, 2009 1:52 am
Can someone explain to me the purpose of the T5008 form?

I am looking at it in studio tax. I bought/sold some shares of companies in 2008, does this form apply to me? or only to my broker or others doing the actually purchasing for me?

I only need to record what I have done in the schedule 3 form correct?

Also all I received from my broker was an Account Summary no T5008 form from them.. this is fine right? or is it law they send me a t5008 form?
AFAIK, the T 5008 is essentially a summary of transactions done by you over the year and reported to CRA by the broker. This is for your information only but you do have to record all the transactions in schedule 3.

This is what CRA's website says about the slip T 5008:

Completing your income tax return

This information slip does not have to be attached to your return, but you have to keep it if CRA wishes to see it.

This information slip reports the amount paid or credited to you for securities you disposed of or redeemed during the year indicated. These transactions may be on account of income or capital. For more information see Bulletin IT-479, Transactions in Securities. ...

Here is the link http://www.cra-arc.gc.ca/E/pbg/tf/t5008 ... at-08b.pdf
Pramod Chopra
Mortgage Alliance Co. of Canada
Broker License # 10530
Deal Addict
Dec 15, 2004
1961 posts
135 upvotes
I'm trying to do my taxes with UFile and all I got from Investorline was an Account Summary. I called them inquiring about what this T5008 was and the guy didn't know what I was talking about and basically told me to manually calculate everything myself - yet UFile is referring to this so called T5008 statement and its respective boxes that Investorline never gave me. I am stuck on what to do...help?
Deal Addict
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Jan 27, 2007
4449 posts
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T5008 is your yearly trading summary.

You won't find it as a slip in any tax program.

You must use it to manually calculate your capitla gains and losses. You may need to consult prior year versions of the form the determine the gain or loss of securities purchased in different fiscal years.
Jr. Member
Nov 23, 2008
102 posts
toronto
dutchca wrote:
Mar 22nd, 2010 8:53 pm
T5008 is your yearly trading summary.

You won't find it as a slip in any tax program.

You must use it to manually calculate your capitla gains and losses. You may need to consult prior year versions of the form the determine the gain or loss of securities purchased in different fiscal years.

Hi,
I believe that I have Capital Gains dating back to 2007. However, since I never received a T5008, or any other slip from BMO Investorline, it didn't occur to me that I would need to report it somehow. Now, I'm going to go back, and re-do my returns. All I received from BMO Investorline was the Account Summary. I never received a T5008. Should I ask BMO Investorline for the T5008? Or am I supposed to use the Account Summary information to file my income tax?

Thanks
Member
Feb 8, 2010
268 posts
47 upvotes
dutchca wrote:
Mar 22nd, 2010 8:53 pm
T5008 is your yearly trading summary.

You won't find it as a slip in any tax program.

QUOTE]

it shows up in taxprep.
Sr. Member
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Oct 24, 2011
595 posts
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Timmins
A T5008 is the reporting that brokers send to CRA when a buy or sell is done. Some brokers send a T5008 to their clients and others only send a trading summary. Whichever is sent, it is up to the client to keep track of all trades with the adjusted cost base in order to properly determine the capital gain/loss. You should be able to complete schedule 3 in a tax prep program without the T5008.
Newbie
Jun 2, 2011
45 posts
5 upvotes
Thanks sierra is there any CRA documentation regarding sending the client/recipient a trading summary instead of a copy of the T5008? The client is insisting that it is mandatory to issue out a T5008 slip to them, a statement summary which identifies all trades is not acceptable. We report and file the T5008's via CRA's internet transmission web site, and send the client a statement, not a T5008 slip.
Sr. Member
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Oct 24, 2011
595 posts
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Timmins
orlandoc1 wrote:
Dec 31st, 2013 1:09 pm
Thanks sierra is there any CRA documentation regarding sending the client/recipient a trading summary instead of a copy of the T5008? The client is insisting that it is mandatory to issue out a T5008 slip to them, a statement summary which identifies all trades is not acceptable. We report and file the T5008's via CRA's internet transmission web site, and send the client a statement, not a T5008 slip.
I don't know of any CRA documentation, although there might be if one looks hard enough. I deal with TDW and have never received a T5008, so I would say that it is not mandatory to send the client a T5008. If you/your company prints out hard copies of the T5008s, you may be able to print the client a copy also.

At any rate, the T5008 and the trading summary do not keep track of the on-going ACB for any trade, so it is still up to the client to perform his own tracking and keep his statements/confirmations of trades. I keep track of my ACBs on a spread sheet, but I also keep digital copies of the statements, trading confirmations, and annual trading summaries. If one has purchased a stock/mutual fund a couple of year's ago, the T5008/trading summary will not reflect the actual ACB accurately.
Newbie
Nov 23, 2007
51 posts
1 upvote
Toronto
I fogort to report my capaital losses when I filed my 2012 tax return using studio tax

where can I find schedule 3 in studio tax? can i submit an amendment using studio tax?

I received summuary of security of dispositions from my broker
Jr. Member
Sep 15, 2013
118 posts
18 upvotes
Sault Ste. Marie
kumakuma wrote:
Jan 3rd, 2014 10:24 am
I fogort to report my capaital losses when I filed my 2012 tax return using studio tax

where can I find schedule 3 in studio tax? can i submit an amendment using studio tax?

I received summuary of security of dispositions from my broker
If you can't, you should be able to do an amendment right on the CRA website through CRA's My Account.
Member
Oct 14, 2012
351 posts
131 upvotes
Woodstock
If you want to see Schedule 3, open your tax return using StudioTax or open a New File.
From the large icons along the top of the screen, click on the one called: FORMS
In the Available Forms section, in the box titled Federal Forms, click to highlight: Schedule 3
There are two arrows below that Federal Forms box, click on the downward pointing arrow
Click on the OK button at the bottom left of the window.
Now on the main StudioTax screen, in the list of forms on the left side of the screen, you should see Schedule 3 listed.
Click on Schedule 3 to open it and start filling it in.

I'm pretty sure that ssmarie is correct that you should be able to file an adjustment to your 2012 Return online.
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs ... n-eng.html
It looks like you could also file the correction by printing the form listed on the above webpage
"Form T1-ADJ, T1 Adjustment Request,"
and mailing it in.
You would report the Capital Loss information on the form, sign it and send it in.

I hope this helps a bit. I'm certainly not a tax expert, so please call the CRA if you need clarification.
Member
Oct 14, 2012
351 posts
131 upvotes
Woodstock
PS I'm sure you know this, but for other readers, just a reminder that you can NOT claim a capital loss for losses inside your TFSA or RRSP accounts, nor for a capital loss caused by moving a stock from a non-registered account into a TFSA or RRSP.
Newbie
Nov 28, 2013
1 posts
Edmonton, AB
I received the T5008 trading summary, but there is no T5008 slip - which looks absolutely different from the trading summary. I am trying to enter info in TurboTax, but it comes with amount of income, though I had loses. The trading summary also does not include fees on trades, so I had to request additional info from the broker.
In any case I am not sure how to enter info properly and even people at Revenue Canada of no help.... Any help on this forum?
Sr. Member
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Oct 24, 2011
595 posts
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Timmins
sassymary wrote:
Apr 13th, 2014 11:47 pm
I received the T5008 trading summary, but there is no T5008 slip - which looks absolutely different from the trading summary. I am trying to enter info in TurboTax, but it comes with amount of income, though I had loses. The trading summary also does not include fees on trades, so I had to request additional info from the broker.
In any case I am not sure how to enter info properly and even people at Revenue Canada of no help.... Any help on this forum?
Read the above posts on this subject. Don't get hung up on a T5008. It is your responsibility to keep track of your trades (buys and sells) to correctly calculate the adjusted cost base (including trading fees) and any capital gains/losses. A trading summary is just that; brokers provide a summary of trades for the year; you use these summaries to keep your records. Once you have done that, then you complete schedule 3 as usual to get to your net capital gain/loss for the year.
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