2021 T5 statements from various FIs and CUs | Page 2 | Income tax filing | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
2021 T5 statements from various FIs and CUs
February 18, 2022
5:50 am
darealmccoy5
Member
Members
Forum Posts: 13
Member Since:
September 11, 2019
sp_UserOfflineSmall Offline

Just checked this morning.

My EQ Bank T5 for 2021 is available for download.

February 18, 2022
7:23 am
Loonie
Member
Members
Forum Posts: 9182
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I keep records of when T5s have arrived in the past so that I have an idea what to expect.
I am finding that most of them are a bit slow this year, possibly due to staffing issues either at the FI or the post office.
I think the government should move the filing deadline forward to April 15.

February 18, 2022
7:26 am
AltaRed
BC Interior
Member
Members
Forum Posts: 2759
Member Since:
October 27, 2013
sp_UserOnlineSmall Online

Curious as to why April 15th? Depending on Canada Post for those getting snail mail, some T3 tax slips don't actually arrive until about Apr 10th (after trust tax year ending Mar 31st). That would make it tight for many to file on time.

February 18, 2022
7:35 am
cgouimet
Member
Members
Forum Posts: 1417
Member Since:
February 7, 2019
sp_UserOfflineSmall Offline

Personally, I think Tax Filing of Apr 30 is fine but the timing of T-Slips needs to be advanced and enforced. If FI's can issue monthly statements 2-3 days after month-end, why do they need 2-3 months to issue the year's interest summary in the form of T-slips?

CGO
February 18, 2022
7:39 am
Loonie
Member
Members
Forum Posts: 9182
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Well, all such dates are arbitrary. I think April 15 gives enough time, considering all the disruptions of the past year. Extensions are not unprecedented. I think I recall a similar one during a postal strike.
I presume those involved with trusts have found some way to solve their problem before now if slips customarily arrive after tax filing deadline.

February 18, 2022
7:50 am
AltaRed
BC Interior
Member
Members
Forum Posts: 2759
Member Since:
October 27, 2013
sp_UserOnlineSmall Online

cgouimet said
Personally, I think Tax Filing of Apr 30 is fine but the timing of T-Slips needs to be advanced and enforced. If FI's can issue monthly statements 2-3 days after month-end, why do they need 2-3 months to issue the year's interest summary in the form of T-slips?  

That does not work for Trusts with an income tax filing deadline of March 31st. They have to complete the accounting of their tax year before they can flow through 100% of their income to their owners in the form of T3 tax slips and file their own tax returns (by March 31st). There are likely few retail investors who do not also receive T3 tax slips in addition to T5 tax slips.

February 18, 2022
8:02 am
rodeworthy
Member
Members
Forum Posts: 193
Member Since:
February 1, 2016
sp_UserOfflineSmall Offline

Loonie said
I think the government should move the filing deadline forward to April 15.  

Why? If you feel a need to file early, feel free to do so. It may be a different story this year but there are thousands of snowbirds who are only arriving home in April. I was one of them for years. Generally arrived home Apr 10-15. Never even thought about taxes until I got home.

I guess I really don't understand the purpose of your suggestion.

February 18, 2022
9:00 am
Loonie
Member
Members
Forum Posts: 9182
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Sorry. I was mixed up. I meant to say to put it forward to May 15.
Sorry for the confusion.

February 18, 2022
9:21 am
cgouimet
Member
Members
Forum Posts: 1417
Member Since:
February 7, 2019
sp_UserOfflineSmall Offline

Loonie said
Sorry. I was mixed up. I meant to say to put it forward to May 15.
Sorry for the confusion.  

I was wondering...

CGO
February 18, 2022
2:24 pm
Dean
Valhalla Mountains, British Columbia
Member
Members
Forum Posts: 1872
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

.
I received this email from EQ Bank this morning . . .

    Hi Dean,
    .
    Your tax slips are now available online as PDFs. To access them, simply sign into your account through the EQ Bank mobile app or web browser, and head to “Tax documents.”

.
Now the only one I'm still waiting on is Hubert Financial.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

February 18, 2022
2:27 pm
suburbs4life
Member
Members
Forum Posts: 159
Member Since:
April 20, 2019
sp_UserOfflineSmall Offline

Does Simplii's T5 arrive in the mail or online? I think it was mailed last year? I was looking at my CRA account today and I had received simplii's 2020 T5 by now based on last years date.

I should also add. It appears people have already received tangerines T5's for 2021? When I look, there is no 2021 T5 option for me is that safe to assume I will not get one. I did not expect to have more than $50 in interest in that account this year.

February 18, 2022
2:39 pm
Loonie
Member
Members
Forum Posts: 9182
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

If it's less than 50, you probably won't get a T5 from Tangerine. However, you are obliged to report it anyway. Some FIs such as EQ will issue them even for small amounts.

February 18, 2022
2:40 pm
cgouimet
Member
Members
Forum Posts: 1417
Member Since:
February 7, 2019
sp_UserOfflineSmall Offline

suburbs4life said
Does Simplii's T5 arrive in the mail or online? I think it was mailed last year? I was looking at my CRA account today and I had received simplii's 2020 T5 by now based on last years date.

I should also add. It appears people have already received tangerines T5's for 2021? When I look, there is no 2021 T5 option for me is that safe to assume I will not get one. I did not expect to have more than $50 in interest in that account this year.  

I had our Tangerine T5's early Jan.

As far as dates of T5's at CRA, that's when it got to the CRA. I suspect you got your print/digital copy later

CGO
February 20, 2022
1:38 pm
RetirEd
Member
Members
Forum Posts: 951
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

Aaaaand... the other shoe has dropped: Peoples Trust slips have arrived.
RetirEd

RetirEd

February 23, 2022
8:35 am
frugal lady
Member
Members
Forum Posts: 191
Member Since:
February 20, 2013
sp_UserOfflineSmall Offline

Motive (Canadian Western Bank) arrived by mail Feb 22

February 24, 2022
1:28 pm
RetirEd
Member
Members
Forum Posts: 951
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline

I'm not going to provide a complete list of where my funds are - the banks are so hot to get that info - but I will say that Oaken is still absent and it's pretty late in the month. Everyone else has remitted the slips.
RetirEd

RetirEd

February 24, 2022
1:50 pm
Dean
Valhalla Mountains, British Columbia
Member
Members
Forum Posts: 1872
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

RetirEd said

I'm not going to provide a complete list of where my funds are - the banks are so hot to get that info - but I will say that Oaken is still absent and it's pretty late in the month. Everyone else has remitted the slips.
RetirEd  

Say what ❓❗

Oaken (Home Bank & Home Trust) T5's were available online, over three (3) weeks ago.

    Dean

P.S.
I'm 'Still' waiting on Hubert. sf-confused

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

February 24, 2022
3:32 pm
MG
Member
Members
Forum Posts: 252
Member Since:
February 16, 2013
sp_UserOfflineSmall Offline

I'm still waiting for Simplii Financial. sf-confused

February 24, 2022
5:19 pm
Alexandre
Member
Members
Forum Posts: 1011
Member Since:
November 8, 2018
sp_UserOfflineSmall Offline

I'm still waiting for Neo Financial.

February 24, 2022
5:59 pm
AltaRed
BC Interior
Member
Members
Forum Posts: 2759
Member Since:
October 27, 2013
sp_UserOnlineSmall Online

A postmark of as late as Feb 28th should have it through Canada Post to your mailbox by about Mar 4th or 7th.

It is unfathomable how much money FIs must spend cranking out paper tax slips, stuffing them in envelopes (even if automated) and spending money on postage. The mind boggles just thinking about it. FIs could pay us a few more basis points of interest for all the costs they must incur mailing these stupid things.

Anecdote: I got my 2020 LBC Digital T5 on Mar 5th because that was the day I received it and likely scanned it to PDF and stored (file date) on my PC. It is even more perverse that a bank which is all digital online does NOT have a PDF option for the T5.

Please write your comments in the forum.