Please remember this is a user-to-user community that relies on member participation. We encourage you to ask questions AND share your own thoughts, experience and advice.
Hope this is in right forum.. sorry if it isn't .. also if appropriate please advise how to get to what I see referred to as 'private forum'.
My question/issue refers to T5008. The statement of securities transactions frequently misses information on original costs of securities that are sold. Most sources of information I have contacted suggest getting clients to remember this from when they purchased the securities.
My experience has been that many clients are not 'willing to be bothered' by having to retain all those statements issued when they first bought the securities.
Any ideas out there? Thank you.
Page 1 of 1
T5008 Getting Missing INformation
#1
GORANDMARSASK 
- New Member
-
- Group: Members
- Posts: 4
- Joined: 02-July 10
- Gender:Male
- Location:southern Saskatchewan
- Interests:social change; social media
Posted 02 July 2010 - 02:53 PM
MultiQuote
#2
Tim Parris
- Top Contributor
-
- Group: Members
- Posts: 1,504
- Joined: 02-December 06
- Gender:Male
- Location:Ottawa, ON
Posted 02 July 2010 - 03:04 PM
GORANDMARSASK, on 02 July 2010 - 09:53 AM, said:
Hope this is in right forum.. sorry if it isn't .. also if appropriate please advise how to get to what I see referred to as 'private forum'.
My question/issue refers to T5008. The statement of securities transactions frequently misses information on original costs of securities that are sold. Most sources of information I have contacted suggest getting clients to remember this from when they purchased the securities.
My experience has been that many clients are not 'willing to be bothered' by having to retain all those statements issued when they first bought the securities.
Any ideas out there? Thank you.
My question/issue refers to T5008. The statement of securities transactions frequently misses information on original costs of securities that are sold. Most sources of information I have contacted suggest getting clients to remember this from when they purchased the securities.
My experience has been that many clients are not 'willing to be bothered' by having to retain all those statements issued when they first bought the securities.
Any ideas out there? Thank you.
Clients who are not "willing to be bothered" presumably are willing to pay higher tax. Even if you can nail down the timeframe of the original purchase, you will be able to get a better idea of what the probable ACB or can point your client in a reasonable direction as to where the information may be located.
Sorry.
#3
tmanery
- New Member
-
- Group: Members
- Posts: 42
- Joined: 28-April 06
Posted 02 July 2010 - 03:07 PM
I have been successful at getting my clients to call their investment broker(manager) and complain that no costs are supplied. Magically they produce the costs (ACB) for the T5008s. 99% of the T5008s end up being a break even or loss when we get the ACB.
If that does not work, then you have to explain to the client that they will be taxed on the full Proceeds and they will pay a lot of tax. That should motivate them to find all their statements.
If that does not work, then you have to explain to the client that they will be taxed on the full Proceeds and they will pay a lot of tax. That should motivate them to find all their statements.
Page 1 of 1