Hello, the AFR is not working with number of 1200 T5008 . I am wondering how to do you record them in the Tax cycle . Thank you
Do you mean they have 1,200 T5008s to download?
If so, are they not downloading or are they not able to be exported to Excel? (It would not make sense to import that quantity.)
I did not try to export to Excel yet
I never exported to Excel before . How to do that. Do I have to log in to CRA and create a PDF and then convert to Excel
Thank you
When you download the AFR you will choose the option at the bottom right:
Choose “do not import” and then “export”. You’ll need to reformat the CSV so it’s readable, but it reliably takes all of the T5008s (or T3s etc) and dumps them for analysis into a file. Easy peasy.
Thank you very much for your time to answer my questions. The problem is the T5008 not showing any on the AFR . they are 1200 of T5008 and they are not showing at all after AFR.
Are all the T5008s related to investments through a single broker, or in a managed portfolio? It might be easier to use the broker-provided annual summary instead of the individual T5008s. But, of course “somebody” has to ensure that all the slips have been captured and reported. Guess who that’s gonna be…
A client can have multiple investment broker. For me, I download the clients T5008 from their CRA My Account. Then i compare their investment report.
It is just one broker account with 1200 T5008 upload to CRA but I can not do AFR.
I would never AFR that many slips, about 10 would be maximum, same with T3’s. Typically I will download those as a spreadsheet.
Still unclear: are you unable to transfer them (“export”) them to a CSV or do they actually NOT APPEAR fully on the AFR screen?
If they appear, select any one, and choose the option as I showed above. All should import into an Excel file and NOT import individually into the T1 (no surprise there).
None of T5008 appear when I apply AFR.
Someone replied to a topic you are Watching.
| SmallBizGuy
June 12 |
- | - |
akbari1000:
It is just one broker account with 1200 T5008 upload to CRA but I can not do AFR.
Still unclear: are you unable to transfer them (“export”) them to a CSV or do they actually NOT APPEAR fully on the AFR screen?
If they appear, select any one, and choose the option as I showed above. All should import into an Excel file and NOT import individually into the T1 (no surprise there).
How do you know there’s 1200 of them?
The AFR should upload that many - individually but usually as 1 - t5008 and have all the amounts cumulatively added - could be the setting in software as u can tell it to do that in some certified software
But it looks like he can’t use afr - which means he isn’t approved for doing Efile - but I just guessing from 1 info he placed above in the conversation where he says he can’t use AFR
AFR was designed to create less entry errors - downloading to spreadsheet then manipulating the data instead of just letting AFR do that for you within the certified tax software can add entry errors
2025 tac yr for AFR t5008 with some software and some financial institutions actually also caught the fees per transaction as well but you would need to verify in the statements the client receives from the financial institution if they ask for it - which also will have the cumulative t5008 in their package
1 Like
Thank you all for your responses. I could log as Rep client and see that there are 1200 T5008 seating in the client CRA but the Tax cycle could not do AFR because there are so many of T5008. all the T5008 are form Questrads .
if you suggested I used the Excel then I did not find this option in the CRA and how to transfer to Excel when I log to Client account .
Thank you
Someone replied to a topic you are Watching.
| chrisrodenhiser
June 13 |
- | - |
The AFR should upload that many - individually but usually as 1 - t5008 and have all the amounts cumulatively added - could be the setting in software as u can tell it to do that in some certified software
But it looks like he can’t use afr - which means he isn’t approved for doing Efile - but I just guessing from 1 info he placed above in the conversation where he says he can’t use AFR
AFR was designed to create less entry errors - downloading to spreadsheet then manipulating the data instead of just letting AFR do that for you within the certified tax software can add entry errors
2025 tac yr for AFR t5008 with some software and some financial institutions actually also caught the fees per transaction as well but you would need to verify in the statements the client receives from the financial institution if they ask for it - which also will have the cumulative t5008 in their package
you do it under afr
I think you will need to ask your client to find a summary or something on Questrade…CRA limit = 500 T5008’s. Unless they want to pay you to enter all of them…
@akbari1000 They won’t download. I have a couple of clients with very high trade volumes as well. I contacted taxcycle support years ago and confirmed exactly what @lmk posted. I get the detailed T5008s from the broker and convert to excel from there and analyse the trades. If client can send them in excel, even better. It’s a time consuming process but if all the trades are long positions and the “book cost” appears correct, you can use just input the totals by currency into Sch 3. Watch for stop loss rules with trade volume that high!
Also consider whether a T1135 needs to be filed. And ensure to have the discussion with your client about CRA’s position on “day trading”. Nowadays it’s easier than ever to set digital “rules” in their brokerage accounts to have the computer trade on it’s own. That alone is not necessarily day trading but client needs to understand the risk.
1 Like
Thank you all for responses to my questions. the client passed me the Questrade summary of T5008 ( almost 1200 trade ) and I created an Excel and I file the different ACB and Proceeds in the T2125 as I mention it is a business therefore I did not fill SCH 3 . He loss over 1 million . it was easy to calculated and recorded to T2125 . Of course, I explain to client and was ok with business file and he said next year he is going continue to do day trade.
Someone replied to a topic you are Watching.
| Versa
June 17 |
- | - |
@akbari1000 They won’t download. I have a couple of clients with very high trade volumes as well. I contacted taxcycle support years ago and confirmed exactly what @lmk posted. I get the detailed T5008s from the broker and convert to excel from there and analyse the trades. If client can send them in excel, even better. It’s a time consuming process but if all the trades are long positions and the “book cost” appears correct, you can use just input the totals by currency into Sch 3. Watch for stop loss rules with trade volume that high!
Also consider whether a T1135 needs to be filed. And ensure to have the discussion with your client about CRA’s position on “day trading”. Nowadays it’s easier than ever to set digital “rules” in their brokerage accounts to have the computer trade on it’s own. That alone is not necessarily day trading but client needs to understand the risk.
You are claiming a $1M business loss due to day trading? Please keep us posted on CRA’s response to this. 