T5 slip for 2 year GIC's | Income tax filing | Discussion forum

That depends on the GIC and owner.

For a non-registered GIC owned by a person (not a corporation or trust) that pays or compounds interest monthly, one will receive a T5 slip for the monthly interest paid/compounded each calendar year. First T5 slip will be in 2026 for the interest payments/compoundings in 2025.

For a non-registered GIC owned by a person that pays or compounds interest annually, one will receive the first T5 slip in 2027 for the first annual interest payment/compounding in 2026.

The OP needs to clarify whether the 4% annual interest GIC is monthly pay, annual pay or compound annual. In the latter two cases, the first T5 will be in early 2027 for the 2026 tax year and should account for interest from Feb 2025 to Feb 2026.

Bought 30 Feb 2025 2 yr
Assuming interest pays out at maturity and NOT annually.

30 Feb 2025 purchase date.

30 Feb 2026 first anniversary
4% int will be paid into the GIC
T5 slip is to arrive by Feb 28 2027

30 Feb 2027 second and last anniversary
Theoretically the principal is now $100,000 + 4%
4% will be applied to the above amount and be paid out Feb 2027
T5 slip is to arrive by Feb 28 2028

You should consider to know what amount you should have invested so that the principal plus interest did not exceed $100,000 for CDIC coverage.

Also if you watch your GIC daily, weekly etc. you will see it grow in value every day.

There are lots of GIC calculators online to show the interest accrued annually.

The first T5 will be in the amount of $4000.

Ooooops. Possibly I am wrong if interest is NOT paid out on the anniversary date and based on value as of end of December.

Like said, ask Oaken.

Both of those GIC types require interest to be reported based on the annual anniversary date of the GIC. The annual pay one is simple. You will get the first T5 in Feb 2027 to cover interest paid in Feb 2026 (for the Feb 2025 - Feb 2026 1 year period) to be reported on the 2026 tax return, and another one a year later to cover interest paid Feb 2028 for the 1 year interest paid from Feb 2026 -Feb 2027.

So with a $100k GIC @ 4%, the annual interest is $4000 and a T5 will be issued Feb 2027 for $4000 interest earned in the 2026 tax year, and another T5 will be issued Feb 2028 for $4000 interest earned in the 2027 tax year.

With the annual compound GICs, the same principle applies for the accrued interest as of Feb 2026 for the 1 year period even if you do not get a T5 tax slip, i.e. $4000 interest to be declared on that $100k GIC @ 4%, in Feb 2027 for the 2026 tax year. The following year, another T5 will be issued for the final year's interest except it will be a bit higher than $4000 (about $4160) due to compounding of the $100k GIC valued at $104,000 as of Feb 2026. I see no reason why Oaken/Home would not issue a T5 each year for the annual compound GICs....as a standardized procedure to help out taxpayers.

https://www.mmtcpa.ca/tax-tips/when-is-gic-interest-taxable-in-canada/

I’ll let Altared answer your last question.

Do keep in mind that Oaken is forcing us to retrieve our TSlips online. I imagine that they will email to let you know.

In case any one is not aware, CRA gets a copy of the T5. One T5 for you and one T5 for the CRA.

The tax slip problem was a major FUBAR this past tax year partly due to CRA changing so much of the reporting database mechanism that FIs got wrong multiple times.

Quality FIs don't (should not) mess up T5 reporting regardless of mergers et al though it is more understandable in those situations due to the huge amount of consolidating databases that occurs.

I have rarely ever had a tax slip issue but then I am not out in the weeds with secondary institutions. Indeed, the only secondary FI I am with is EQ Bank.

COIN said
Many moons ago, an FI issued an incorrect T5. Later they issued a correct T5 but forgot to indicate "amended". The CRA simply added the two T5's to my income. Imagine paying tax twice on the same income.

What is your T5 horror story?  

Me?
Hubert. Got 2 T5’s.
One joint, one my name only.
Contacted Hubert as all are supposed to be joint.
Said they would get back to me. They did not.
Tax deadline arrived. And processed as is.
Later received a letter saying 2 slips will become 1 and will be joint.
It arrived as an amendment.
I processed an amendment for both of our taxes.
I received a refund.
Waited for a bill for wife’s in an amount close to my refund.
I waited and waited … kept checking my wife’s CRA account….nothing …. was about to call CRA.
Then get a letter from CRA matching and a bill for me to pay $1700.
I pay.
I find that the T5 marked amendment was not an amendment on my CRA account. So was charged taxes on all 3 slips.
Made numerous calls to CRA matching and Hubert. Did not feel well taken care of by Hubert.
Then the final and unknown to me, not mailed to me, not advised from Hubert, T5 shows on my account in JUNE and the bogus amended slip finally disappears.
Then a 35 page explanation to CRA tracking.
Start to finish was 14 months. Both my and my wife’s taxes were corrected. And got my $1700 back and lost 14 months of interest.
All because of Hubert’s sloppy processing.
The use of Hubert has been reassessed and is getting positioned, by use of quarterlies, to move all or part out at any time. Definitely less will be there and perhaps zero will be there.

As a person never signed up for internet banking, Oaken has several times confirmed they are compelled to send me a paper T5 collection.