Investment & Capital Gains Tax Return Preparation for Toronto Residents
Each of the T5008, T3, and T5 slips has something unique to report, but none of these slips will actually calculate your adjusted cost base for you; this is your responsibility. The team at Beta Taxes takes care of Investment & Capital Gains Tax Return preparation for individuals in Toronto and the GTA, ensuring all slips are reconciled based on your actual brokerage information before filing.
- T5008, T3 and T5 slips reconciled collectively
- Adjusted cost base properly calculated, no reliance on broker-provided data
- Capital gains Schedule 3 reported correctly
- Support for multiple brokers and accounts
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Affordable T5008, T3, and T5 Tax Filing in Toronto
The confusion of T5008, T3, and T5 tax filing becomes evident when you consider how these tax slips are related. The T5008 tax slip is not used for the declaration of income, it is used to record the disposition proceeds, one line per disposition and it is used by CRA to verify the information recorded on the Schedule 3. The T3 tax slip records the distributions from a trust, such as capital gains, dividends and, importantly, the return of capital, which is non-taxable that year but decreases the adjusted cost base.
We offer flat-fee investment tax filing for Toronto investors, and we reconcile all tax slips with your brokerage statements.
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What Makes Capital Gains Reporting Schedule 3 Such an Issue for Investors
Capital Gains Reporting Schedule 3 depends totally on one single figure, which most brokerages usually miscalculate when it comes to taxes — your adjusted cost base. Brokerages give you a “book value” in box 20 of your T5008, but that figure doesn’t take into consideration reinvested dividends or returns of capital, hence why it’s usually not your ACB even though it’s presented as such on the form.
Calculation of Adjusted Cost Base made wrongly will snowball on its own over the years. If you neglect the return of capital on a T3 form the year you receive it, your ACB will remain too high forever, underestimating your future capital gain and setting yourself up for the exact situation that leads to the CRA reassessment of your income later on.
Investment and Capital Gains Tax Returns Services
Reconciliation of T5008
- Comparing each T5008 disposition with your actual brokerage reports
- Adjusting Box 20 book value if it is not equal to your actual adjusted cost base
- Finding in-kind dispositions that should be reported on your tax returns even if not on T5008
- Spotting registered account transactions erroneously listed on a T5008
T3 and T5 Income Recognition
- Reporting of trust income, dividends and interest accurately
- Calculating T3 return of capital separately to reduce your ACB properly
- Avoiding duplicate reporting where the T3 and T5008 amounts are identical
- Recognising eligible or non-eligible dividends correctly
Calculations of Adjusted Cost Base
- Continuous tracking of ACB in every investment, and not only upon disposal
- Updating your ACB based on reinvestment and other transactions
- Fixing your historical ACB calculation mistakes before they multiply
- Supporting documentation if you need to justify your calculations to the CRA
Capital Gains Schedule 3 Preparations
- Proper calculation and reporting of capital gains and losses
- Proper handling in Period 1 and Period 2 filings, where relevant
- Use of any capital losses that could reduce the gains
- Integration with your entire T1 filing
Multi-Stocks/Slips for Multiple Brokers
- Combining stocks/slip information from different brokerage accounts
- Maintaining proper ACB records when there are investments from multiple places
- Finding missing stocks/slip information prior to filing
- Creating one return irrespective of the number of accounts involved
Previous Year Investment Tax Audits
- Checking previous tax years for ACB mistakes or missing slips
- Amending previous years using ReFILE or T1 Adjustments where necessary
- Reclaiming overpaid taxes due to mistakes in previous years
- Establishing a proper base going ahead
Why Choose Beta Taxes for Investment Tax Returns Services?
Discovery
Before we do anything else, we'll check your investment portfolios and how you keep track of them.
Evaluation
We cross-check all of your T5008, T3 and T5 forms against your brokerage records.
Strategy Session
We compute your real ACB taking into account return of capital and distribution reinvestment.
Ongoing Support
We file your Schedule 3 properly and track your ACB through the year for future reference.
Why Choose Beta taxes
for Investment and Capital Gains
Tax Returns Services
Serving Investment and Capital Gains Tax Returns Services Across Ontario & Canada
No matter where your business is located, our remote-based process for budgeting and financial forecasting ensures that you have the same structured and CPA reviewed process whether you are a growing start-up, a multi-branch company or even an organisation expanding beyond Ontario.
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Real success stories from businesses we’ve helped grow.
Expert Tax Advice for Truckers & Small Businesses
I had a great experience with at Beta Taxes CPA. He explained a complex CRA trucking issue in very simple terms and helped me understand the risks and the right way to move forward. Very knowledgeable, patient, and practical. If you are a trucker or small business owner looking for clear tax advice, I highly recommend Beta Taxes.
Sarang Vaid
Stress-Free Business Tax & CRA Compliance
Beta Taxes CPA provided excellent support for our business tax and CRA compliance needs. Their team is knowledgeable, proactive, and very responsive. They explained CRA requirements clearly, identified tax-saving opportunities, and handled filings accurately and on time. The entire process was smooth and stress-free. We highly recommend Beta Taxes CPA for reliable business tax and CRA support.
Pargat Sandhu
Expert Guidance for Canadian Home Sale Tax Matters
Alex has been so amazing! I sold my home shortly after moving to the UK on a temporary visa and it was so stressful navigating the Canadian tax system. Even from afar – across the world, Alex took his time walking me through what I need to do, advised me on next steps, and how he can help me through calls on Whatsapp and email. I received the letter I needed from him to proceed with the closing of my Canadian home sale. Thank you so much to Alex and the team for your guidance and help! I appreciate it so very much 😊.
Carmen Mach
FAQ’s
Frequently Asked Questions
What is the difference between T5008, T3 and T5 slips?
The T5008 slip discloses the proceeds on the sale of the securities, the T5 slip discloses the income from investments such as interest, dividends, while the T3 slip discloses the income on the distributions such as capital gains, dividends and return of capital.
Why does my broker's Box 20 figure not correspond to my adjusted cost base?
Box 20 is supposed to disclose the book value but it does not take into account the effect of return of capital and distribution reinvestment – so this figure will either overstate or understate the adjusted cost base, unless it is tracked separately.
What is the return of capital, and why should I care?
Return of Capital is reflected in Box 42 of the T3 slip. It is tax-free at the time of receipt but it reduces your adjusted cost base – ignoring it results in overstating your adjusted cost base.
Do you also assist me with investments that were done through several brokerages?
Yes, we gather the information from all of your accounts and all of your brokerages and we keep track of the ACB for you in one package.
What if I messed up calculating the ACB in the previous year’s filing?
Yes, we can review the previous filings and do the correct ACB calculation for you and file an adjustment with either ReFILE or T1 Adjustment.
Do I need to report T5008 transactions from my TFSA and RRSP?
Yes, we take care of ensuring that all your T776S are filed correctly for each of your rental properties, thus providing you with a single point of contact for your multiple properties.
What is the fee for doing an investment tax return?
No, because these transactions do not fall under capital gains as they take place in your registered account and therefore they should not be reported.
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