I have T5008 on my tax return and incurred a cumulative loss. However, the loss is not being reported on 'T1 General' or changing my balance owing/refund?

Your capital losses for the current tax year will not affect your balance owing/refund for the current tax year. You can either carry-forward the capital losses indefinitely (to be applied against taxable capital gains in the future) or you can use the form 'T1A - Losses Carry Back' (to be applied against taxable capital gains for the last three years).