How to Report a T5008 on Your Tax Return

How to report a T5008 on a tax return: the slip shows that a security was sold or otherwise disposed of. The proceeds belong on the return, generally on the capital gains schedule, not as employment income and not as interest. The book cost on the slip is often blank or wrong. Your own record of what you paid, including reinvested distributions, is what the gain or loss is built from.

What to bring

Bring every T5008 and the trading summary. A tax-free savings account does not produce a T5008 you report as a gain. A regular brokerage account does. The firm enters the disposition with the rest of the personal return at the Scarborough office. It does not promise that a loss will wipe out other income. Capital loss rules are applied to the slips in front of the preparer.

Work with the Scarborough office

The only office is in Scarborough, near Kennedy Station. You can visit or send the documents. English, Bengali and Tamil are spoken. Manoranjan (Mano) Talukder, CPA, leads the firm, which has worked since 2010. Personal returns start at $49.99 + HST. Other files are quoted first.