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Thursday, April 30, 2015

Canadian Tax Form T5008 Statement of Securities Transactions

The T5008 Canadian Tax Form, also known as the Statement of Securities Transactions, is issued to those who have sold stocks, real estate or business. The Statement of Securities Transactions reports the funds received for the sale of the investment.

 Be sure to include statements of the purchase price of the investment so that the purchase cost can be deducted against the sale proceeds.

For example, if you purchased an investment property for $100,000 and sold it for $200,000, including statements/records of the purchase price will mean the difference of taxation on the net $100,000 (GROSS SALE $200,000 LESS INITIAL INVESTMENT $100,000) versus taxation on the full sale price of $200,000. It is very important to include purchase records of the investment that was sold with the form T5008.

Are you a Canadian spending a significant amount of time in the United States? Give Borders Bookkeeping a call this year for all your U.S./Canadian tax needs.

Borders Bookkeeping
(760) 895-3516