Personal Finance

Need help entering my t5008 for taxes

  • Last Updated:
  • Feb 16th, 2021 12:55 pm
[OP]
Deal Addict
User avatar
Nov 4, 2003
2632 posts
16 upvotes

Need help entering my t5008 for taxes

so i've been doing some day trading. so i have a lot of transactions. i'm using ufile, but it stopped me from creating any more new t5008 forms cause i have too many transactions. i think it stopped me at 100 t5008, i probably have 50 more to go. i have a question, can i combine them them or do i have to enter them 1 at a time?

say i buy 1 share of amazon on nov 1, 200, and i buy 1 share of amazon on dec 1, can i add the 2 shares together when filling my t5008? what would my date be, since they were bought at different dates, and the exchange rates were different?
do you guys have the same problem with your other tax programs? if not, which ones are you using?
TIA
4 replies
Deal Fanatic
User avatar
Dec 3, 2004
5450 posts
4319 upvotes
Edmonton
What a mess. Day trading in a cash account is a huge tax nightmare. You need to keep track of your ACB (average cost basis) because the T5008's don't do that for you I believe. Search google for something like "T5008 acb taxes" and read a few articles to make sure you properly fill out your taxes.
Deal Addict
Oct 9, 2005
1860 posts
210 upvotes
If you are day trading, any gains or losses are treated as business income and not capital gains or losses.

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