T5008 error

Cindy113 · ‎March 21, 2021

I entered information on a T5008 slip and completed the taxes and sent them in. Then it was noticed that I put all the information in the boxes opposite of what they should be. Therefore there were capital losses not gain. Can I refile an amended return using the losses from the year before to offset the capital gains? Or give me some advice on what to do, please. Thank you!

kozakworld · ‎March 25, 2021

Yes, the best way to address this would be to re-file the return with the boxes filled in correctly.

As a representative, log into the Represent-a-client web portal to verify that the submitted return has been assessed. As long as it is already assessed, you should be able to immediately re-file the correction. If there is a delay in it being assessed ie: selected for pre-assessment review, then you should wait until it has been assessed before submitting the re-file with the correction.

Hope this helps.

Cindy113 · ‎March 25, 2021

Thank you. That is what I did and it went through..

kozakworld · ‎March 25, 2021

I didn't mention in my post that the T183R needs to be signed by the client before you re-file the adjustment. I assume you already knew that and had it signed, at least hope that's the case.

Have a great tax season! :)