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T5 without Sin#
March 6, 2019
7:04 am
hotmony
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Person receives T5 without SIN#
Does that mean CRA can't track the interest income or the T5 duplicate wasn't sent to RevCan?

March 6, 2019
7:32 am
Denise Milani
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Do you have access to “My Account”? It might be there in another form with SIN.

https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html

March 6, 2019
9:23 am
Doug
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hotmony said
Person receives T5 without SIN#
Does that mean CRA can't track the interest income or the T5 duplicate wasn't sent to RevCan?  

In short, no it does not. While you're obligated to provide your SIN, if requested, by a tax slip preparer, CRA can still associate your tax slip(s) to you using a combination of your full name, your residential and/or mailing address(es), and your date of birth. sf-cool

Even if asked to provide a SIN to your financial institution, you can instruct them to limit their use of your SIN to preparation of tax slips and not to associate it with other third parties (i.e., subsidiaries, credit bureaus, etc.), via a "privacy options" or "privacy choices" selection form. sf-wink

Hope that helps,
Doug

March 7, 2019
1:05 pm
AltaRed
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Get the right SIN recorded at that financial institution. It is the right thing to do and causes less pain on T5 matching.

March 12, 2019
7:09 pm
hotmony
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If t5 doesn't show on cra "my" account online does that mean cra /revcan doesnt have the particular t5?

Computershare do they send t5s to cra or is client only responsible for reporting?

March 12, 2019
7:20 pm
Denise Milani
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hotmony said
If t5 doesn't show on cra "my" account online does that mean cra /revcan doesnt have the particular t5?

Computershare do they send t5s to cra or is client only responsible for reporting?  

Don’t count on anything. CRA had missing T5s in “My Account” this year, last year and years before. Maybe missing there but shows to them somewhere else? Would you like to be audited by CRA? Just declare it.

March 12, 2019
7:47 pm
hotmony
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Denise Milani said
shows to them somewhere else?  

Where?

March 12, 2019
8:31 pm
Denise Milani
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On another one of their systems. It is not uncommon to have more than one system and/or have communication issues between them. I worked for a huge retailer with many many systems and it was not uncommon to have some interface issues. I know because I ran one of them.

March 13, 2019
6:09 pm
hotmony
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Makes no sense what is the point of cra online "my account" if they don't post many all an individuals T5s?

Or are they backlogged will catch up before April 30 filiers?

Do banks Cu mail in matching T5s to cra or post into Cras system directly online?

March 13, 2019
6:36 pm
Denise Milani
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Makes no sense what is the point of cra online "my account" if they don't post many all an individuals T5s?

In my opinion make your own accurate list of expected T5 slips.
In my opinion missing T5s makes auto fill to be pointless to use.
Let’s face it they even recommend to manage tracking of your own TFSAs as well.
In my opinion CRA has done a inferior job updating “My Account” for TFSAs and taxation in any year ON TIME. “My Account” is an embarrassment to all.

Or are they backlogged will catch up before April 30 fillers?

Don’t know.

Do banks Cu mail in matching T5s to cra or post into Cras system directly online?

From what I have heard they are batch submitted electronically and the FI receives a confirmation of a successful transmission. And I also know those confirmations may not be credible.

It’s all on your shoulders and be prepared to prove you have done right.

March 14, 2019
6:04 am
Loonie
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It means you have to keep your TFSA official records FOREVER, not the 7 years that most people seem to accept as the norm. There is no other way to prove, down the road, that you did it right and have never overcontributed.

Personally, I have never even opened MyAccount. I see no point in it as my own records are complete and reliable. It's just another thing to fiddle with.

March 14, 2019
6:48 am
Bill
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I like MyAccount, has always worked well for me, particularly for making payments whenever I want and amending returns. I find my TFSA info so far is 100% accurate and up-to-date, keeping in mind fi's have just around now reported any activity after 2017.

I wouldn't worry about being audited, unless you have a business too or trust income or something extra most folks don't have, I can pretty-well guarantee they won't do a full-blown "audit" of all your financial activities, i.e. they just adjust the line(s) affected and issue another Notice of Reassessment correcting the error that's come to light. When I count up the number of tax returns I've been involved with in my family (around 150 or so, I'd guess), never once had anything close to an audit, maybe a few letters from them to fix up particular items, that's it.

March 14, 2019
8:11 am
hotmony
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I assume a T3 is reported to cra it doesn't appear in "my account"

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