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T5 Slips for Simplii Financial - Online or By Mail ?
February 20, 2018
5:04 am
rfdm4g4g9
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Any idea , how & when the T5 slips for Simplii Financial HISA will be sent ?

Or has anyone already received them ?

I am guessing it will come by snail mail . I haven't seen anything Online for it, the way Tangerine has them Online.

How were PC Financial T5 Slips sent out ?

All my T5 Slips are here, except for Simplii Financial - so I am waiting for it before I can start doing/filing my tax returns. I believe NETFILE from CRA opens on Feb. 26 this year :).

February 21, 2018
8:25 am
CHUCK21
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YOU SHOULD GET SIMPLII'S BY FEB. 27.

February 22, 2018
12:22 am
Loonie
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I believe they have until the end of Feb to get them out.
Meridian still lagging here.
And none of the charities to which we contribute have sent anything yet except those that are available online immediately. This always slows down our returns, but of course a lot of people's contributions are made in December, so I'm sure that delays the receipts.

February 28, 2018
10:13 am
rfdm4g4g9
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I got mine in mail yesterday - February 27 ( Tuesday )

What a waste of paper & envelopes & stamps. For an Online bank they are sure way behind times, they can easily keep this Online if they want.

They should also start micro deposits verification instead of mailing a VOID check, going to Canada Post verification etc for new accounts & for linking new accounts.

I had 2 external accounts I wanted to get linked from the Simplii side, both cases I had to mail VOID checks in, wasting time, envelopes, stamps & checks sf-frown

March 2, 2018
4:38 pm
AltaRed
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I agree. My T5 came in the mail ( oxymoron for an online bank). Probably CIBC systems don't permit it?

For those that still have accounts there, send them a message to have an option (or default) to online PDF. I have been doing that to all institutions that don't yet have an online PDF option.

March 2, 2018
6:13 pm
Bill
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Wife's and mine came this week. Wife's showed 9's in the SIN box this year - ? Now CRA won't be able to match - guess she'll have to cross off the 9's and write in her SIN, hopefully CRA keys it in when wife files her paper return so that it matches the filings by Simplii. Otherwise she'll get reassessed, probably a year or so from now, then it'll take another couple of years back and forth before she proves she's already included it. Maybe she should just not include that T5 (it's a few thousand dollars) and let CRA find it when Simplii reports to them. But then she'll have to pay interest for late filing.

March 2, 2018
7:10 pm
AltaRed
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I doubt CRA is concerned if there is more T5 income reported on a tax return than what is shown in CRA MyAccount. Worst case, I am guessing they would change the NOA to show reduced interest income (to your benefit). I'd always go with the right number. As an aside, is there a point to filing paper returns?

March 2, 2018
7:56 pm
Bill
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That's true, AltaRed, just file the right number. And the point of filing paper returns is because CRA says I have to file a return. Always used paper, see no reason to change.

March 2, 2018
11:38 pm
Loonie
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It's scary that they got Bill's wife's SIN wrong. How can this happen in an automated world? Perhaps something went wrong in the migration from PC to Simplii. Others may also be affected.

Every time I think of opening an account with PC/Simplii, there seems to be problems with how they operate which make me uncomfortable, so Ive never done it. This one really takes the cake. I think it's time for me to strike them permanently from my list of possible FIs.

March 3, 2018
4:23 am
Bill
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My mistake - I checked previous years' slips and PC always showed her SIN as 999 999 998. Just never noticed before.

March 3, 2018
3:30 pm
Norman1
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Bill said
My mistake - I checked previous years' slips and PC always showed her SIN as 999 999 998. Just never noticed before.  

Sounds like PC Financial/Simplii Financial have an incorrect SIN on file for your wife.

One can contact Simplii to have them correct their records and issue an amended T5 slip to both your wife and to CRA.

March 3, 2018
4:18 pm
rfdm4g4g9
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Norman1 said

Sounds like PC Financial/Simplii Financial have an incorrect SIN on file for your wife.

One can contact Simplii to have them correct their records and issue an amended T5 slip to both your wife and to CRA.  

Or a SIN was never given when opening the account.

When I opened my TD checking account, I refused to give them my SIN as SIN is not required for non-interest checking account, as NO T5 slip was going to be generated,

Once my checking account was opened, I opened a TD Savings account online, no where they asked me for a SIN, as they probably thought my SIN is already on their file, when I opened the Checking account.

I guess then they probably just put a generic SIN - when they issue a T5 slip sf-confused

March 3, 2018
5:47 pm
Norman1
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rfdm4g4g9 said

Or a SIN was never given when opening the account.


I guess then they probably just put a generic SIN - when they issue a T5 slip sf-confused

That is possible. But, Simplii did not following the instructions for such cases.

According to the T5 Guide: Completing the T5 slip, Box 22 should be left blank when the SIN has not been received.

In the T5 return XML schema for the file to be uploaded to CRA, the field should be 000000000 when the SIN was not provided.

March 3, 2018
6:49 pm
Loonie
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Eventually, the "person" with SIN 999 999 998 is going to come to the attention of CRA, one assumes, as there could be a lot "owing" on this account, depending on how many people have had it assigned and how long the number has been in use.
Trying to get disassociated from this number could be like trying to get off a no-fly list! I think I'd do it as soon as possible.

March 3, 2018
7:11 pm
Norman1
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As well, according to Employment and Social Development Canada: Social Insurance Number that begins with a “9”, SINs that start with '9' are special:

SINs that begin with a "9" are issued to temporary workers who are neither Canadian citizens nor permanent residents. The use of these SINs is temporary and are valid only until the expiry date indicated on the immigration document authorizing them to work in Canada.

If your SIN begins with a "9", you must update your SIN record to ensure that the expiry date always corresponds with the expiry date on your document from Immigration, Refugees and Citizenship Canada authorizing you to work in Canada. …

Other personal information in Simplii's records for Bill's wife could also be messed up.

March 4, 2018
5:28 am
Bill
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There is a calculation/formula one can use to validate SINs, google it. I'm pretty sure 999 999 998 is not a valid SIN.

March 4, 2018
8:57 am
Norman1
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It is the Luhn algorithm. 999-999-998 does pass!

SIN digits 9 9 9 9 9 9 9 9 8
Double every other digit,
starting from the right
9 18 9 18 9 18 9 18 8
When over 9, add digits together.
18 becomes 1+8 = 9
9 9 9 9 9 9 9 9 8
Add up the resulting nine numbers. 9 + 9 + 9 + 9 + 9 + 9 + 9 + 9 + 8 = 80
Passes if sum is a multiple of 10. 80 is a multiple of 10. Pass!sf-smile
January 17, 2019
12:35 pm
rfdm4g4g9
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Is it the same this 2019 year too?

That is the T5 slip for HISA will come by Canada Post in your mail? And won't be available online?

All my T5 slips and others slips are available online , except for this one.

Tangerine already has the slips online.

January 17, 2019
2:07 pm
Alexandre
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Regardless of email or snail mail delivery, T5s are also available at CRA "My Account."

I just checked mine from Simplii for 2017 tax year, it is there, listed under CIBC bank. Submitted to CRA by Simplii on 2018-03-06.

If you do NETFILE through tax preparation software such as TurboTax, it can just download those (and other tax forms) from CRA for you, when they become available at CRA.

January 18, 2019
7:57 am
rfdm4g4g9
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Alexandre said
Regardless of email or snail mail delivery, T5s are also available at CRA "My Account."

I just checked mine from Simplii for 2017 tax year, it is there, listed under CIBC bank. Submitted to CRA by Simplii on 2018-03-06.

If you do NETFILE through tax preparation software such as TurboTax, it can just download those (and other tax forms) from CRA for you, when they become available at CRA.  

Cool. Yeah I kind of remembered seeing it there.

The people who mail their returns in, I always wondered why CRA wanted them to attach their T4 & T5 slips when CRA already has them from the banks and employers. What a waste of paper and ink.

I guess there is a delay in when the bank or employer sends slips to CRA and when they send it to you. Hence CRA wants you to attach copies of T4 and T5 slips, when you mail a return.

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