All the slips are carried forward. However, it would be really nice to not carry forward all the T5008 slips. Some clients have a tremendous number of these listed. Is there a way to omit them? Please create this option.
It shall be done!
Wonderful! Thanks so much!
Thinking more about this, perhaps we want to replace the T5008s with a “prompt” that says, “Provide gain/loss report on investments”. Something like that because we do need the supporting document from the client for the T5008s, we just don’t want the long list.
Thanks, however, now I think we still need to prompt the client to bring in the gain/loss on investments report to match up with the T5008s. Let’s see what happens!
I think that there is another string of comments from Sept/October on this topic.
In summary, we need…
Ability to compare the last year’s trading names
Checklist to track investment trading names. - Sometimes names per CRA don’t match names per Trading Summary or names per Capital Gains statement. This is especially horrible when I have 100 to 300 slips per year.
Match proceeds
Match ACB
Verify source docs:-
- Trading Summary per investment company.
- Capital Gains per managed account summary.
- Trade details if discount broker.
- Working papers to calculate ACB.
Nice to have is an excel import tool/ export tool for ACB and proceeds import/export for reconciliation purposes.
Not considered as part of this topic:-
- Investment management fees
- Account Fees in lieu of trade fees
- Interest paid for margin accounts
I do not find the need for this and I have a lot of clients with t5008 each year. Just my opinion.
Nice to have. Not required. Can manage outside of Taxcycle.
Helpful for those problematic clients with whom it is always a struggle to get source docs.
Helpful for tracking those unusual issues with ACB or account ownership.
For example -
T5013 which converts to shares.
ACB found in a document package which client held back because they didn’t think it was relevant. ACB value not documented anywhere else. Found out that it was sold the following year. Had to back track.
Discount brokerage account.
Client had CRA slips. Didn’t think that they had sales. Need to request 2 reports each year in addition to their regular download. Nice to track this in notes or somewhere.
Account transfer from one Brokerage Account to another.
Need reports from both accounts to get ACB.
Parent / child accounts
Joint accounts with spouse when paper slip shows 50/50 split. CRA has only one name.
Note to look for two managed account fees, not the usual one.
Note to get the managed account ACB and Capital Gains report which is sent only if and when specifically requested. Add name of assistant plus broker.
etc.
Currently I have these notes documented in my client notes and in excel sheets, individually by client.
Would be nice to have a place to capture these notes in Taxcycle.
Now that we aren’t carrying forward the T5008 slips, how do I include the prompt “T5008- Statement of Securities Transactions” on the Pre Season Letter where the other carryforward slips are included?
@Elizabeth - Would this then mean that the prompt “T5008- Statement of Securities Transactions” would permanent and not conditioned so that it show up on every client’s pre-season letter and not based on a condition?
Yes that’s exactly what it would mean.
Okay,
Thank you!
Teena
Teena Johnsson | Accounting Technician
P: 403.638.3116 | F: 403.638.9166 | Box 1963 | #201, 101-6th Street S.W. | Sundre, AB | T0M 1X0
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I think I will try doing a condition based on the 2 year summary capital gains and the Net capital loss so we can keep it client specific. I will let you know how that works.
Teena
Teena Johnsson | Accounting Technician
P: 403.638.3116 | F: 403.638.9166 | Box 1963 | #201, 101-6th Street S.W. | Sundre, AB | T0M 1X0
http://www.valbpc.com/ www.valbpc.com
ValerieBurrellLogo
https://valbpcca.sharefile.com/ Access Sharefile our client web portal for secure file sharing
Chartered Professional Accountants Help You Make Better Decisions