The Form T5008 Slips Reconciliation has been designed to allow you to aggregate several downloaded T5008 slips into a single copy to help you reconcile the data on these slips with the data provided by the securities broker.
Using Form T5008 Slips Reconciliation
Using Form T5008 Slips Reconciliation is optional. If the taxpayer receives T5008 slips for a single investment account and/or does not receive a great number of slips, reconciliation might not be necessary.
If you want to use Form T5008 Slips Reconciliation for a specific return, select the check box located at the top of the form. The downloaded T5008 slips will then be displayed in this form instead of in Form TaxprepConnect Download. Note that in the TaxprepConnect tab of the preparer profiles, an option allows you to use Form T5008 Slips Reconciliation by default for all your returns.
If you decide to no longer use Form T5008 Slips Reconciliation, simply clear the check box located at the top of the form, and the downloaded slips will once again be displayed in Form TaxprepConnect Download.
List of investment accounts
The list of investment accounts is created using the names of issuers, foreign currency as well as the recipient types (shared slip or not) of downloaded T5008 slips. This list is updated every time there is a download. Therefore, if new T5008 slips are downloaded, new investment accounts will be added in the list of investment accounts, unless the investment accounts concerned already exist in this list.
You can add an investment account by entering the name of an issuer in the input fields of the list. You can also override the name of an issuer of an account already on the list.
Downloaded T5008 slips table
This table aggregates all downloaded T5008 slips and shows all principal boxes that could help with reconciliation. You can access details about the downloaded T5008 slips using expands represented by blue arrows.
In the Investment account column, Personal Taxprep performs a preselection to aggregate all T5008 slips that have the same name of issuer, the same foreign currency and the same recipient type. However, ensure that the T5008 slips have been aggregated correctly and that each slip has been assigned to an investment account. If you want to modify the preselection made by Personal Taxprep, select the appropriate investment account in the list, using an override.
Summary of investment accounts
The Summary of investment accounts table displays each of the investment accounts created from the table of downloaded T5008 slips and is automatically updated as soon as a new investment account is selected in the table of downloaded T5008 slips. The totals for the principal boxes are displayed in order to help you compare investment accounts created with the downloaded data to the data provided by the securities brokers.
The ACB column can be used if you want to adjust the cost or the book value indicated in box 20. When an amount is entered in this column, it will replace the value in box 20 at the time of the transfer, if applicable.
In addition, to make sure that all T5008 slips have been assigned to an investment account, you can compare the amounts on the line Total of this table with the amounts on the line Total of the table of downloaded T5008 slips.
Transfer to Form Summary of Dispositions – Capital Gains (or Losses)
When all T5008 slips have been downloaded and reconciled, you can, if you want, transfer the data from the created investment accounts to Form Summary of Dispositions – Capital Gains (or Losses) (Jump Code: A3).
To transfer the data from all investment accounts, select the box Select or deselect all in order to select all accounts and then click the Transfer to Schedule 3 button. If you want to transfer the data from a single investment account, select the box for the desired account in the Transfer column, then click the Transfer to Schedule 3 button.