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Tax on Gics
September 10, 2018
9:36 am
christinad
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Do you pay the tax on gics when they mature if it is more than a year or would you pay tax every year on that years interest?

September 10, 2018
10:30 am
christinad
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Thanks,

Does the bank usually give out a t5 at the end of the year?

September 10, 2018
10:32 am
Rick
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Bank should send you a T5 yearly, no matter what the term.

September 10, 2018
10:35 am
Top It Up
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The last non-registered GICs I had were years ago with Outlook Financial and they did issue a T5 showing interest earned.

You would have to confirm the T5 issue with your FI.

September 10, 2018
12:59 pm
toto
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For my situation I always ask for annual interest on my gic to keep my taxes current. That way I know I'll get the t5 after the first year of opening the gic.
Just wanted to mention to newbies that a lot of the banks on this forum now don't mail out t5's, you have to download them yourself.

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