I have a t5008 which I entered I also have a realized gain statement on the securities that I cashed.

The T5008 is for $31000 and the realized gain is for $3274.    Do I enter the realized gain on the S3 along with the $31000 that the T5008 put on the S3.

Therefore the client pays capital gains on the $34274.  (Less 50%)

Or just enter the T5008 and they pay tax on the $31000.

Answer

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If the proceeds are $31,000 on the T5008 they should not be entered as a gain, you need to also add the book value to calculate the actual gain. These are not always shown on the T5008 and and ACB has to be obtained. It should only be entered once, either using the T5008 or on the S3 in the section for sales of mutual funds and shares.

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