I have just downloaded AFR results for a client which include 121 T5008 slips. EVERY slip has a “Memo” attached to it, and apparently, every memo must be cleared as part of the Review Process. I am wondering if anyone knows the purpose of these “Memos”, and why they have to be cleared to complete the Review process. Unless there is some reason for this, it seems like a fairly significant waste of time (121 Memos!).
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My suggestion, when there is that number of T5008’s is to download them as a spreadsheet
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We have worked on a fix for this, hope to get it out in the next TaxCycle release.
This had come up a few times from a few different places as feedback!
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Whenever a client has an onerous amount of T5008 slips, I just duplicate the total of them in Schedule 3 and then delete the slips. Too many diagnostics for date, and the memo etc. Plus if they are from a legit joint account with a spouse, its easier to split them (using the S3M manager).
I include a memo on my entry that they are from T5008 slips and I have a copy of the T5008 slips in my source document file.
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Or, as @BertMulderCGA suggested, download them as a spreadsheet and you don’t have to delete the slips from the T1. You can take your total from the spreadsheet.
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I just mean if they’re already in the TaxCycle file, it’s quicker to delete them at that point than clearing the memos etc.
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Many Thanks to all the replies - - The ProTax Community is awesome! I always get good answers to my questions.
Do you keep a PDF copy of the T5008 from CRA as well?
No. I obtain a copy of the T5008 from my client or directly from their investment advisor. We insist on getting copies of all slips and receipts from our clients. Ended up being a handy policy this year where CRA is missing so many slips on the AFR system.
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@mhyde
I empathize with your pain. I am glad to hear the TaxCycle is doing something about this. This can be extremely time consuming.
My very worst example of this was 200+ slips per AFR which did not match the brokerage trading summary. The investment firm mixed CAD and USD into one CAD account and added FX for the conversion amount. At that time the CRA slips did not have the ACB. Only the brokerage account report had it. What a mess. I had to split it into two accounts - USD and CAD with ACB. I had to adjust for rounding errors. At that time I entered each slip individually with each ACB and prepared a reconciliation documentation package to pass matching or possible spot audit. An easier way would have been to summarize by equity name and totals for Proceeds and ACB.
Due to my digging I found that a third account foreign/offshore holdings - Ireland etc – was missing from client document list.
I revised my client onboarding process in the event of significant trading to include bookkeeping charge for reconciliations if needed.