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T5 Slips for Simplii Financial - Online or By Mail ?
February 16, 2021
3:28 pm
pooreva
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It is really PITA with these T5s and T4s and all other slips. WHY companies and FI cannot generate them on Jan 1st???? HOW difficult is that????
Now I (and others for sure) have to wait end of Feb and byte nails to calculate should I do any RRSP contribution or not. Should my spouse or I claim interest, etc.
Really, this country is designed to screw you up... Not to mention I have to PAY for third party tax software instead of government to provide it for free. THEY already have all forms, formulas, calculations ready; just recompile it from mainframe or java to Android, iOS, PC, Apple, whatever...

February 16, 2021
4:26 pm
topgun
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Impossible to generate many slips by Jan 1. To get to do anything you have to do step 1 then step 2 ... until the task reaches the reporting stage. RRSP is good. You can deduct as little of your contribution and carry the unused contribution forward. Last year I made a contribution March 2nd. One day after the cutoff.

Have a Great Day

February 17, 2021
12:43 pm
Winnie
Ontario
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Tangerine reports on T5 "interested posted", not "interest earned".

For example, Tangerine regular interested paid on Dec 31, 2020 and promotional interest (earned on the same amount in December 2020) paid on Jan 1, 2021.
Regular interest is reflected on 2020 T5 and promotional on 2021 T5.

Not sure about EQ, will see, when EQ finally will issue T5.

For example, on EQ January statement will clearly stated "interest earned" from January 1 to January 31 and that very same amount is actually posted on March 1 as "interest posted" on that the same statement, that is supposed to be January statement, not joint statement for January and part of February.

February 18, 2021
7:27 am
Winnie
Ontario
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Received EQ 2020 T5 and discovered, that interest posted on January 1, 2021 is actually included in 2020 T5.

That is totally opposite to Tangerine way.
Tangerine interest posted on January 1, 2021 will be included in 2021 T5, not 2020 T5.

February 18, 2021
8:10 am
Norman1
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pcs reported the EQ Bank T5 slip behaviour last year in EQBank T5 slip … for TY2019 includes interest credited on 2020-Jan-1st.

February 18, 2021
8:53 am
Bill
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pooreva, I agree, it's pretty funny that Canadians spend a lot of collective time getting T-slip info that the gov't already has from the issuers, employers, etc. And I agree, it's even funnier that many Canadians seem to be absolutely ok with PAYING (for software) to file tax returns as required by their government.

I file free paper returns, sometime in April usually, and am pondering maybe just printing out the T3, T5, etc slips summary info from MyAccount instead of sending in all the slips, see what they say. Any paper filers done that before?

February 18, 2021
11:57 am
Norman1
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That's right: One can always file for free by filling in the paper returns provided free by CRA.

In fact, some people should learn to do the paper returns. They would gain a better understanding of the Canadian income tax system. They will also understand why the government does not provide newbie-level software for doing tax returns.

February 19, 2021
6:13 pm
COIN
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Norman1 said
One can always file for free by filling in the paper returns provided free by CRA.  

Has anyone been successful in obtaining paper returns? Or, do you have to print the form off the Internet?

I tried my local post office. Nothing. I called the CRA and they said they would mail me the form, then I saw when I checked online "unavailable".

February 19, 2021
6:49 pm
Norman1
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Unfortunately, CRA no longer distributes the tax return forms through Canada Post outlets.

The 2020 T1 General tax packages can be ordered from CRA: Order forms and publications.

No need to order if "you filed your taxes on paper before November 30, 2020". CRA will mail the 2020 income tax package automatically to such tax filers.

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