You’ll receive a T5008: Statement of securities transactions slip from your broker for securities that you, or someone on your behalf bought, sold, or cashed during the year. Depending on your situation, this slip can include any of the following:
- Bonds, debentures, promissory notes, other similar properties
- Publicly traded shares, mutual fund units
- Deferral or eligible small business corporation shares and other shares
- The disposal of T-bills at maturity
It’s up to you to keep track of the securities you buy or sell, including the adjusted cost base (ACB)* of each investment, so that you can properly report capital gains or losses once you dispose of them.
* ACB refers to the amount you paid for the investment as well as any expenses you had to pay to buy them. If you sell your investments, your expenses can be subtracted from the amount you get for them.
If you’re filing a Québec return, you’ll also receive a Relevé 18: Securities transactions (RL-18) slip.
I have an amount in box 20 or box 21 and I reported capital gains
If you disposed or sold securities during the year, you’ll need to enter the expenses you paid to dispose of these securities. These expenses can be deducted from your proceeds of disposition when calculating your capital gain or loss. The types of expenses that can be deducted are:
- finders' fees
- brokers' fees
- surveyors' fees
- legal fees
- transfer taxes and
- advertising costs
Where do I claim this?
Follow these steps in H&R Block’s tax software to file your 2016 taxes:
- On the QUICK ENTRY tab, click the QUICK SLIP icon. You will find yourself here:
- Type T5008: Statement of securities transactions in the search field and either click the highlighted selection or press Enter to continue.
- When you arrive at the page for your T5008, enter your information into the tax software.