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Question

T5008 vs T4037

Forum|Forum|1 year ago
April 8, 2024
1 reply
0 views

I completed filling out my T5008 and now I am in the Capital Gains section. Do I need to complete both or are the entries for the T5008 enough?

Linda

The T4037 is to report ABIL. A business investment loss (ABIL) results from the actual or deemed disposition of certain capital properties. It can happen when you dispose of one of the following to a person you deal with at arm's length:

a share of a small business corporation
a debt owed to you by a small business corporation

The T5008 is to report the amount paid or credited to you for securities you disposed of or redeemed during the year. These transactions may be on account of income or capital.

Depending on your situation, you need to fill the form accordingly.

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