[davemorias]

Watch out for T5008 entries ! I entered some shares disposition info from Box 21 and Box 20 resulting in a Capital Gain.

My sharp eyed assistant asked why is this gain showing as interest income?? The answer is that the "Transaction Type" defaults to "Bearer Debt". I am required to enter the transaction type as "Shares and Others".

I would prefer to see "yellow" in this box rather than a default to "Bearer Debt".

[RL Tax Joe]

davemorias, on Apr 26 2007, 12:17 PM, said:

Watch out for T5008 entries ! I entered some shares disposition info from Box 21 and Box 20 resulting in a Capital Gain.

My sharp eyed assistant asked why is this gain showing as interest income?? The answer is that the "Transaction Type" defaults to "Bearer Debt". I am required to enter the transaction type as "Shares and Others".

I would prefer to see "yellow" in this box rather than a default to "Bearer Debt".

It's always been like that.

I will defer the rest to Joe

[Joe]

RL Tax Joe, on Apr 26 2007, 10:27 AM, said:

I will defer the rest to Joe

I would get banned from the board if I responded to this one.... :o
.

[davemorias]

I will defer to the wisdom of the many other Board Members in determining which of the above posts provide a useful bit of knowledge.

[RL Tax Joe]

davemorias, on Apr 26 2007, 12:49 PM, said:

I will defer to the wisdom of the many other Board Members in determining which of the above posts provide a useful bit of knowledge.

What the heck do you want to hear dave. It sounds like you want the software to do the bloody return for you. You must realize that there is a difference in the tax treatment for the income on these types of slips. Since one type is income, which appears higher up on the T1 Jacket, that option appears first.

This sounds like nothing more than an internal prep or review problem and nothing to do with Profile.

[Joe]

davemorias, on Apr 26 2007, 10:49 AM, said:

I will defer to the wisdom of the many other Board Members in determining which of the above posts provide a useful bit of knowledge.

Trust me.... you dont want to hear what I think...
.

[RL Tax Joe]

snowplowguy, on Apr 26 2007, 01:29 PM, said:

Unless Profile has been corrected on a recent software upgrade...... don't use the T5008 area to make entries period.

Your best bet might be to use the S3D screen to enter your data....... as IMNSHO even if you enter the information properly in the T5008 screen the data flows incorrectly to line 174 (rather than lets say line 132) of the Schedule 3 anyway. :(

That is par for the course with all software SPG. Any slip gains end up on line 174. Might be a "distribution" error, but the ultimate gain is correct.

[Joe]

snowplowguy, on Apr 26 2007, 11:29 AM, said:

. don't use the T5008 area to make entries period.
Your best bet might be to use the S3D screen to enter your data

What?
No I couldnt do that!
Impossible!
5008 is difficult enough because I have to choose between two choices!
I cant possibly manage the S3 Details - 15 different choices to choose from!!!!
.

[RL Tax Joe]

snowplowguy, on Apr 26 2007, 01:57 PM, said:

The only thing that is correct about it 'IS' the ultimate gain..... however there are other potential (serious) problems........ like when it comes to slip matching.

Line 131 on the Schedule 3 is an efile transmitted field called Proceeds of Disposition..... it is used to help CRA determine how much you have reported in share dispositions. Proceeds of disposition data from the T5008 input screen does not get transmitted on efile....... only the net gain does.

I have seen recent letters from the CRA along the lines of "In order to help us determine whether you have properly reported your disposition of XYZ shares in the amount of $$$ please send us a completed schedule 3 and while you're at it...... for shits and grins....... send us evidence of the cost base too." This stemmed purely from just the net gain being reported and entered on line 174 instead of on the proper line. I will dig up a copy of the letter next week.

I believe ya SPG. All the 5008's I get have both pieces of info on them, so not a big deal for me. But yes, I can understand that.

[The Skuj]

Joe, on Apr 26 2007, 03:29 PM, said:

What?
No I couldnt do that!
Impossible!
5008 is difficult enough because I have to choose between two choices!
I cant possibly manage the S3 Details - 15 different choices to choose from!!!!
.

On that note, any idea when Profile will include all of the T5008 options. Last I checked, they're supposed to include the following:

BON - Bonds
BO1 - A bulk transaction in bonds for which the quantity cannot be determined
DOB - Debt obligations in bearer form
DO1 - A bulk transaction in debt obligations in bearer form for which the quantity cannot be determined
FUT - Futures
MET - Precious metals
MFT - Units in a mutual fund trust or investment fund trust
MSC - Miscellaneous
OPC - Option contracts
PTI - Publicly traded interest in a trust or partnership
RTS - Rights
SHS - Shares
UNT - Units (for example, a unit consisting of a bond and a warrant)
WTS - Warrants

What will the tax "preparing" automatons do with all these choices?

[unknown]

Hey Skuj, like your trailer!

Mr. Shaw would have approved of us!