T5 Slips for Simplii Financial - Online or By Mail ? | Page 4 | Simplii Financial | 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

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
T5 Slips for Simplii Financial - Online or By Mail ?
February 16, 2021
3:28 pm
pooreva
Member
Members
Forum Posts: 251
Member Since:
April 2, 2018
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 421
Member Since:
September 6, 2020
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 342
Member Since:
December 7, 2011
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 342
Member Since:
December 7, 2011
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 4125
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 2453
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 4125
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 151
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline

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
Member
Members
Forum Posts: 4125
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

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.

March 5, 2021
5:22 am
fabafter50
Member
Members
Forum Posts: 158
Member Since:
October 22, 2015
sp_UserOfflineSmall Offline

Has anyone received their Simplii Financial T5's or have them post to CRA online account? It's the only one I'm waiting for........
Tsf-coolanks in advance

March 5, 2021
8:46 am
savemoresaveoften
Member
Members
Forum Posts: 580
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

fabafter50 said
Has anyone received their Simplii Financial T5's or have them post to CRA online account? It's the only one I'm waiting for........
Tsf-coolanks in advance  

recd mine last week.

March 5, 2021
9:44 am
bpwest
Member
Members
Forum Posts: 69
Member Since:
June 8, 2016
sp_UserOfflineSmall Offline

Norman1 said
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.  

I ordered my tax packages on Jan 19, & was notified that they were back ordered, and would be mailed when available...rec'd Mar 4.

I continue to paper-file/mail-in , and despite CRA assurances that paper filers will automatically receive the following year's tax packages in the mail, that hasn't been my experience. I had been content to trundle down to a Canada Post outlet to retrieve tax packages, but that option is gone.

My paper-file /mail-in method does involve StudioTax though, and not pen & paper, and the CRA required 2D bar code that is printed is perhaps the reason I don't automatically receive my tax package anymore, despite mailing in my tax return.

Perhaps next year I will get a CRA account and NetFile... perhaps...sf-wink

March 5, 2021
11:16 am
smayer97
Member
Members
Forum Posts: 378
Member Since:
September 29, 2017
sp_UserOfflineSmall Offline

bpwest said
...
My paper-file /mail-in method does involve StudioTax though, and not pen & paper, ...sf-wink  

Then why bother getting the paper file when you can simply print the return from the software?

Ok, as of this year StudioTax charges. The only desktop software left that does not charge is GenuTax (only for Windows).

March 5, 2021
11:32 am
bpwest
Member
Members
Forum Posts: 69
Member Since:
June 8, 2016
sp_UserOfflineSmall Offline

smayer97 said

Then why bother getting the paper file when you can simply print the return from the software?

Ok, as of this year StudioTax charges. The only desktop software left that does not charge is GenuTax (only for Windows).  

When ordering thru CRA site, one gets the full package (PKG), which includes guide, schedules, and forms, and also one gets the pre-addressed envelope to mail back to CRA. I prefer the paper guide.

March 5, 2021
7:37 pm
MG
Member
Members
Forum Posts: 154
Member Since:
February 16, 2013
sp_UserOfflineSmall Offline

fabafter50 said
Has anyone received their Simplii Financial T5's or have them post to CRA online account? It's the only one I'm waiting for........
Tsf-coolanks in advance  

Hi Fab, I received my T5 in the mail last week as well but it was posted on CRA MyAccount at least a week before. On the CRA site, it is posted as CIBC and not Simplii - so you might have missed it!

March 5, 2021
10:02 pm
Oscar
Member
Members
Forum Posts: 231
Member Since:
October 17, 2018
sp_UserOfflineSmall Offline

fabafter50 said
Has anyone received their Simplii Financial T5's or have them post to CRA online account? It's the only one I'm waiting for........
Tsf-coolanks in advance  

Also received mine a week or two ago.

March 5, 2021
10:37 pm
Oscar
Member
Members
Forum Posts: 231
Member Since:
October 17, 2018
sp_UserOfflineSmall Offline

Bill said
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?  

I file a paper return and last year I E filed a return for a relative. Last week relative received request for a information slip to support tax paid , a single line item amount (tax withheld by financial institution from RRIF withdrawal ) . So a year later I have to find the copies of the slips and waste a stamp and an envelope to send in a slip that they should have already. They might ask for all slips later one letter at a time . So this year it's back to paper and all the information slips will be included with it. I don't understand the point of E file if they may want the slips later , maybe many years later. Receipts to support deductions I could understand but I truly doubt that the bank didn't send the slip to the CRA and if that were the case then all the more reason to file paper return anyway and send in all the information slips with it.
So Bill I would advise against what you are thinking about doing and attach all your slips and be done with it.

March 5, 2021
11:34 pm
Norman1
Member
Members
Forum Posts: 4125
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

The Federal Income Tax and Benefit Guide 2020 directs one to attach the slips if one is filing by paper.

This is from the section What documents to attach to your paper return:

When you are filing your paper return, attach the supporting documents that are requested below. If you make a claim without the requested supporting document, the CRA may disallow the credit or deduction you claimed. It could also delay the processing of your return.

Documents required to support reported income

Attach the following to your paper return:

• Information slips: One copy of each of your information slips, such as T4, T4A, and T5, including if applicable, provincial slips such as the Relevé 1

Documents required to support deductions and credits claimed

Attach the following to your paper return:

• Information slips: One copy of each of your information slips, such as T4, T4A, and T5, including if applicable, the provincial slips such as the Relevé 1

March 5, 2021
11:48 pm
Norman1
Member
Members
Forum Posts: 4125
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Oscar said

… last year I E filed a return for a relative. Last week relative received request for a information slip to support tax paid , a single line item amount (tax withheld by financial institution from RRIF withdrawal ) . So a year later I have to find the copies of the slips and waste a stamp and an envelope to send in a slip that they should have already.…

CRA should have a copy of the T4RIF slip.

An error could have been made while keying the amount of income tax withheld from Box 28 into the tax software.

March 6, 2021
2:10 pm
Oscar
Member
Members
Forum Posts: 231
Member Since:
October 17, 2018
sp_UserOfflineSmall Offline

Norman1 said

Oscar said

… last year I E filed a return for a relative. Last week relative received request for a information slip to support tax paid , a single line item amount (tax withheld by financial institution from RRIF withdrawal ) . So a year later I have to find the copies of the slips and waste a stamp and an envelope to send in a slip that they should have already.…

CRA should have a copy of the T4RIF slip.

An error could have been made while keying the amount of income tax withheld from Box 28 into the tax software.  

First thing I did was to check the line item and it was exact amount as box 28. Don't know what the problem is on their end but seems like the solution is filing a paper return from now on.

No permission to create posts

Please write your comments in the forum.