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T5 Reported to CRA?
April 4, 2020
3:22 pm
krwilson
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Hello. I am attempting to finish my parent's taxes BUT I am waiting for Alterna to report to the CRA. Last year I looked up and it was reported on March 11th, 2019. Now we are into April and nothing. Anyone see that Alterna reported to CRA in your cra account?

I realize I need not wait for I do have the mailed T5 from Alterna in the file. I just like to know all is there before I file. thanks.

April 4, 2020
3:36 pm
Doug
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krwilson said
Hello. I am attempting to finish my parent's taxes BUT I am waiting for Alterna to report to the CRA. Last year I looked up and it was reported on March 11th, 2019. Now we are into April and nothing. Anyone see that Alterna reported to CRA in your cra account?

I realize I need not wait for I do have the mailed T5 from Alterna in the file. I just like to know all is there before I file. thanks.  

Looks like it's indeed a delay with CRA uploading the electronic batch submissions from the financial institutions, as there have been issues with Oaken Financial, et al., not showing up. If you have received the T5 from Alterna, rest assured, it's on its way to being submitted to the CRA or, more likely, it's been received but not yet uploaded and processed by the CRA. It should be uploaded and processed by or after the June 1st filing deadline, I suspect. sf-cool

Worse case, if there was a discrepancy between what Alterna submitted and what they sent you, CRA would just adjust it automatically. No penalties. Such events usually have the CRA reversing any interest for any trivial amount owed. No worries. Besides, you have a backup which substantiates the interest earned. I'd reconcile that with your parents' statements and, if it matches, then what you have is correct anyway.

Cheers,
Doug

April 5, 2020
6:18 am
savemoresaveoften
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my experience is if what you reported as income is less than what CRA ultimately received from T4, T5 & all, hence owed tax than what you filed, they always charge interest penalty. However you can request a reversal of the interest charged stating the reason and they will reverse the interest charge (on a case-by-case basis, not universal).

April 5, 2020
6:49 am
Norman1
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It is also not a problem if one reports more interest or other investment income than the T5 slips show.

That happens to me many years. A T5 slip is not always issued when the interest is less than $50. Some issuers, like Simplii, include interest paid on some of the accounts in the T5 slip and not all of them.

April 5, 2020
11:36 am
Doug
British Columbia, Canada
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Norman1 said
It is also not a problem if one reports more interest or other investment income than the T5 slips show.

That happens to me many years. A T5 slip is not always issued when the interest is less than $50. Some issuers, like Simplii, include interest paid on some of the accounts in the T5 slip and not all of them.  

My experience is that most issuers issue a T5 based on whether the collective non-registered accounts in the same beneficial ownership earn $50 or more in interest. HSBC, Coast Capital Savings, Tangerine, Scotiabank, Implicity Financial, and Hubert Financial all issue a T5 whether you earned $5.03 foreign currency savings account, $45 in another savings account, and $50 in another savings account. It's generally all reported on one T5.

It sounds like Simplii Financial issues a T5 for each account, not for each account owner. Thus, if one account earns only $5.00, a T5 may not be issued. This makes sense as I believe CIBC, of which Simplii is part, does the same thing.

Cheers,
Doug

April 5, 2020
9:09 pm
Norman1
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Yes, per-account T5 slips would explain Simplii's behaviour.

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