When using the Data import from CRA, the T5008 capital gain/loss information does not carry forward to the Schedule 3 Supplemental T5008 section or any other place.

Forum|Forum|2 years ago
March 9, 2024
3 replies
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A question like this was posted under T5008 Import but the issue was not answered. This may be a bug in the import process.
Manually Entering T5008 results in the correct Schedule 3 Supp reporting

Best answer by TurboTaxSusan

You need to go back into the T5008 slips and make sure that the income type is correct. If capital gains is not selected, then the amounts won't go into Schedule 3.

TurboTaxSusanAnswer

You need to go back into the T5008 slips and make sure that the income type is correct. If capital gains is not selected, then the amounts won't go into Schedule 3.

otr4taxAuthor

I checked the imported T5008 items, and they did not have the "Type of Income" field nor the Disposition Date field populated.

Once updated, they showed up on the Schedule 3 Supp T5008 as expected.

TurboTax review also flagged the blank entries as an error "In order to report income from your T5008 slips properly, you must indicate the type of income for each slip."

Thank you for the reply.

swamiodo

This answer does not resolve my problem. My imported T5008 information is noted as "capital gains".

The total of all T5008 transactions results in a $6500 loss but no capital gains loss is noted on my return.

Furthermore manually copying new T5008 entries does not change my tax refund due amount.

Finally, I am importing several amounts on capital gains on T3 slips but the capital gains reported on

my return is zero. The T3 gains are $4000 so I am losing a capital loss deduction.

TurboTaxSusan

@swamiodo Are you using TurboTax CD/Download or TurboTax Online?

swamiodo

I was using Turbotax online. On further investigation I noticed that CRA had informed me in the reassessment notice that I had an unused net capital loss of $1500. However, I was very surprised that Turbotax does not supply this information as part of the tax filing process. As I noted, the lack of a tally of capital loss totals makes it very difficult to check that capital gains and losses have more or less been entered correctly.

pa16

Information on t5008 was correctly imported and declared as capital gains for each transaction. However it did not carry forward to the Schedule 3 Supplemental or in any other place.

(It worked correctly last year)