COVID-19: Investment fund industry updates (July 2, 2020)

T5008 Reporting – Dollars and Cents

In late 2019, the CRA added a requirement to report ‘cents’ when populating Book Values in Box 20 of the T5008 tax slip. We asked the CRA to defer the implementation of the requirement to tax year 2020 because there was insufficient time to make the system changes necessary for 2019 reporting. Instead the CRA created a viable workaround for 2019 reporting, whereby financial institutions could report “00” cents for all Box 20 reporting.

Given the challenges that Covid-19 presents, we asked the CRA to provide the same workaround for 2020 tax year reporting. The CRA agreed to our request.