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TaxRobin
TaxRobin, Senior Tax Advisor
Category: Canada Tax
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Experience:  More than 20 years tax expertise
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Do you know Canadian tax and form t5008?I received a t5008

Customer Question

do you know Canadian tax and form t5008?I received a t5008 from my company stating I sold 121.3 shares and the adjusted cost base pls my proceeds, however the extra 1.3 shares was a cost of $70 whicjh I was told to take as a cash outlay. Was wondetring does that already affect the other totals?
Submitted: 7 months ago.
Category: Canada Tax
Expert:  TaxRobin replied 7 months ago.
HelloEach T5008 will become one entry of transaction for field 131/132. You need to find out the amounts in T5008:Number of shares in schedule 3, is box 16 of T5008cost base, the buying price, is box 20 of T5008dipositon, the selling price, is box 21 of T5008outlay and expense, the commission you pay to buy/sell if anyYou would report the $70 as an outlay in col 4.
Customer: replied 7 months ago.
the the cost base includes the extra 1.3 shares as does the selling price -- is that correct -, ie the book value for 121.3 shares and the market value of the 121.3 shares
Expert:  TaxRobin replied 7 months ago.
The cost basis should.
Customer: replied 7 months ago.
so the proceds of disposition should have the market value of the 1.3 shares rmved from its overall total ie, $6000 what shows on my t5008 - 70 = 5930, leave the cost or book value alone and then I can take the $70 as a cost for the transaction.
Expert:  TaxRobin replied 7 months ago.
Yes. At first I thought to change the ACB but leave it alone and take the $70 as cost on the Schedule 3.
Customer: replied 7 months ago.
so in other words, leave the numbers as they are reported on the t5008 and then just take the $70 as a cost of the transaction .
Expert:  TaxRobin replied 7 months ago.
Yes

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