Autofill T5008 transaction type

If a brokerage issues a combined T5008, the import can only pick up one type of disposition.  That is why, any time you record a T5008 (whether by keying it in or by import), the Cost/book value cell is highlighted in yellow and Profile advises you to confirm that it is correctly recorded.  The disposition of a bearer debt obligation can result in investment income and/or capital gain, so it is important to know the correct book value and tax treatment.

Ah, yes, the joys of autofill.  It could be worse; in the early days an individual T5008 for EACH AND EVERY transaction was downloaded, and trying to match those to the client's records was - to say the least - interesting.  Now we have the reverse.

One thing I have been doing for my more 'interesting" clients is to go to Rep a Client and go to Tax information slips for the year I'm doing taxes and select "All slips".  Then I hit the "Open PDF" button which saves a list of all the slips to my computer.  That can be a very long list, as it will show all the T5008's received by CRA.  That way, you can see what information CRA has on each slips.  Should you find that some of the slips are NOT reporting sales of "Shares and other securities", you can report them accordingly.

The client should have given you a summary sheet of trades received from his/her broker.  If the totals there (and you will have to add them up as the brokers don't) do NOT agree with the information from CRA, then that PDF record becomes essential in sorting out what actually went on.

It should be noted that this is a really, really bad year when it comes to matching slips from clients and Autofill from CRA.  I'm finding the clients are giving me slips CRA doesn't know about (including - unusually - T4's) while CRA is downloading slips the client doesn't have.  This is where Profile's "Slips" sheet is invaluable in making certain that everything reported in 2020 is either reported for 2021 or the client and I both know why the slip is missing.

Hope this helps.

Jo Ruelle