I am just following Turbotax wizard and got to the part where it imports data from your CRA account.
T5008 - STATEMENT OF SECURITIES TRANSACTIONS
INTERACTIVE BROKERS CANADA INC. INTERACTIVE COURTAGE CANADA
1 of the slips shows that I bought $123,000 of Tesla shares and another slips shows that I bought $179,000 or Nikola shares.
I may have bought a share or 2 to learn how to trade but that is about it and day traded a couple hundred Nikola shares but NO WHERE CLOSE TO THIS FIGURES.
Why is the number so inaccurate? And is turbo tax wizard going to allow me to correct this somewhere in this wizard?
Please help I do not what to get flagged by CRA audit team.
When I try importing T5008 data from MyCRA for my trades it is inaccurate for me as well. I just input all my transactions manually in the capital gains section. I have done this the last few years with no issue. It takes a bit longer but I would say do that instead. You are still reporting that income so you arent doing anything wrong.
I've covered this more than a few times, but the short answer is just ignore the T5008's. They aren't like a T4 or a T5, where if they aren't on your return, CRA gets pissy. The brokers screw up T5008 reporting so often that CRA is used to the slips being ignored. And frankly, on any client with substantial investment reporting, we don't bother with the T5008's anyway.
Just go to your Sch 3 and report your actual, correct, gains/loss info there.
anabeces wrote: ↑
I am just following Turbotax wizard and got to the part where it imports data from your CRA account.
T5008 - STATEMENT OF SECURITIES TRANSACTIONS
INTERACTIVE BROKERS CANADA INC. INTERACTIVE COURTAGE CANADA
1 of the slips shows that I bought $123,000 of Tesla shares and another slips shows that I bought $179,000 or Nikola shares.
I may have bought a share or 2 to learn how to trade but that is about it and day traded a couple hundred Nikola shares but NO WHERE CLOSE TO THIS FIGURES.
Why is the number so inaccurate? And is turbo tax wizard going to allow me to correct this somewhere in this wizard?
Please help I do not what to get flagged by CRA audit team.
Also be aware that many brokers do not report the acquisition cost on their T5008 slips, saying that clients might have transferred stock to them from elsewhere and it's not their responsibility to track. That results in the acquisition cost being entered on your tax return as zero, and the entire sale amount being incorrectly reported as a capital gain. Thank goodness TD has stopped doing that this year for stocks that were bought and sold entirely in the TD account.
crossborderguy wrote: ↑
I've covered this more than a few times, but the short answer is just ignore the T5008's. They aren't like a T4 or a T5, where if they aren't on your return, CRA gets pissy. The brokers screw up T5008 reporting so often that CRA is used to the slips being ignored. And frankly, on any client with substantial investment reporting, we don't bother with the T5008's anyway.
Just go to your Sch 3 and report your actual, correct, gains/loss info there.
This.
When I import my slips. I delete the T5008's and enter it manually in Schedule 3. I hear if you had a ton of buy/sell's, you can also do just one gain/loss line amount for the year and not line by line for each stock.
When I import my slips. I delete the T5008's and enter it manually in Schedule 3. I hear if you had a ton of buy/sell's, you can also do just one gain/loss line amount for the year and not line by line for each stock.
I'm thinking this is the same as when you enter the T5008 transactions manually you just do a single entry with overall totals after adding everything up?
For Interactive Brokers is there a report available that you can rely on for these cumulative buys and sells but in CDN vs USD? I found a report that provides the USD amounts of the buys and sells of equities but not the CDN.
crossborderguy wrote: ↑
I've covered this more than a few times, but the short answer is just ignore the T5008's. They aren't like a T4 or a T5, where if they aren't on your return, CRA gets pissy. The brokers screw up T5008 reporting so often that CRA is used to the slips being ignored. And frankly, on any client with substantial investment reporting, we don't bother with the T5008's anyway.
Just go to your Sch 3 and report your actual, correct, gains/loss info there.
After you fix the T5008 manually, do you need report to your broker and ask them to fix it as well?
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If you want your stuff done right, make sure you (or your accountant) are tracking your investments correctly. Brokers screw things up all of the time. It's on you (the taxpayer) to correctly report your stuff. The brokers include nice fine print on the gain/loss report that in summary says "We do our best, but these numbers can't be counted on for tax purposes."
If you ask the brokers to change it, they just laugh at you. Retail customers (especially at discount brokerages) get zero customer service.
mouseswimming wrote: ↑
After you fix the T5008 manually, do you need report to your broker and ask them to fix it as well?
