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2019 T5 available for download
January 9, 2020
7:52 am
hwyc
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Good work Tangerine ... on timely statements

BTW - non-registered USD savings account interest is taxable. Annual exchange rate for 2019 is 1.3269 as per Bank of Canada. Also starting April 30, 2020, USD deposit is to be included in CDIC per insured category per member FI $100,000 coverage

January 9, 2020
7:35 pm
Rick
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Where?? Only 2018 available & schedule says not coming out until Jan 13

January 9, 2020
8:26 pm
Slybanking
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Got mine too. In the documents section. As usual.

Did not get any special offer since April 2019 but at least I got my tax receipt...
sf-cool

January 10, 2020
1:19 am
Rick
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Slybanking said
Got mine too. In the documents section. As usual.

Did not get any special offer since April 2019 but at least I got my tax receipt...
sf-cool  

Nope. Thats where I went. 2018 was last one. Guess I don't ratesf-cry Then again...maybe it's because the grand total of interest on all my Tang accounts is $5.09. sf-laughsf-wink

January 10, 2020
5:21 am
Loonie
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Yes, as you may know, there's a $50 minimum required to trigger a T5.

January 11, 2020
11:25 am
suburbs4life
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Loonie said
Yes, as you may know, there's a $50 minimum required to trigger a T5.  

They really need to increase the $50 minimum required for T5’s.

January 11, 2020
1:56 pm
Alexandre
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suburbs4life said

They really need to increase the $50 minimum required for T5’s.  

You do realize you must report all interest income when filing taxes, even if it is under $50 for an account?
It is quite annoying to not have bank report me (and CRA) exact interest my account earned, and leaving it for me to figure it out.

It costs bank next to nothing to generate T5 for any amount, and submit it to CRA, so that I can use TurboTax to download T5s from CRA, to submit them back to CRA in my tax report.

January 11, 2020
2:14 pm
Dean
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suburbs4life said

They really need to increase the $50 minimum required for T5’s.  

Or better yet ... the CRA should 'Eliminate' the minimum required for T5's, so All accounts earning interest get T5's.

In this electronic/computer age, it would be very easy for the FI's do that, and it would make it much easier & fairer for everyone❗

My two centavos sf-smile

Dean

sf-cool " Live Long And Prosper " sf-cool

January 11, 2020
2:22 pm
Righand
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suburbs4life said

They really need to increase the $50 minimum required for T5’s.  

Increase the minimum ??? I'm certainly missing something here because I'm at a complete loss trying to understand exactly what that would accomplish ?sf-confusedsf-confused

Just curious but is your name also Bud ?

January 11, 2020
2:22 pm
suburbs4life
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No, I had no idea actually. That’s interesting. I havent been working for long. My accountant has just asked for T5’s.

January 11, 2020
2:24 pm
suburbs4life
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Righand said

Increase the minimum ??? I'm certainly missing something here because I'm at a complete loss trying to understand exactly what that would accomplish ?sf-confusedsf-confused

Just curious but is your name also Bud ?  

No.. I just recently started working. I don’t appreciate you comparing me to Bud!

However, I do appreciate learning new things Thanks for letting me know.

January 11, 2020
2:34 pm
Righand
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suburbs4life said

No.. I just recently started working. I don’t appreciate you comparing me to Bud!

However, I do appreciate learning new things Thanks for letting me know.  

I apologize for the silly comparison, please ignore it and hang in there. sf-embarassed
All the best.

January 11, 2020
2:38 pm
AltaRed
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suburbs4life said
No, I had no idea actually. That’s interesting. I havent been working for long. My accountant has just asked for T5’s.  

Doesn't matter. You have to report all interest regardless of tax slip or not. It is the law.

January 11, 2020
6:14 pm
Dean
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AltaRed said

Doesn't matter. You have to report all interest regardless of tax slip or not. It is the law.  

True ^ ... and that's part of the problem❗

I suggest a 'change' (see Post #8 above).

Any thoughts❓

Dean

sf-cool " Live Long And Prosper " sf-cool

January 12, 2020
1:18 am
Rick
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Alexandre said
  You do realize you must report all interest income when filing taxes, even if it is under $50 for an account?

Yes....I report every penny...T5 or not. Think it was just habit...yanked everything substantial out of Tang a long time ago.

January 12, 2020
8:21 am
Norman1
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Dean said

Or better yet ... the CRA should 'Eliminate' the minimum required for T5's, so All accounts earning interest get T5's.

In this electronic/computer age, it would be very easy for the FI's do that, and it would make it much easier & fairer for everyone❗

CRA doesn't require a minimum for a T5 slip.

According to Chapter 4 of the T5 Guide – Return of Investment Income, a T5 slip doesn't have to be prepared when the total paid is under $50:

When do you not have to prepare a T5 slip?

You do not have to prepare a T5 slip to report:

  • amounts paid to one recipient when the total amount for the year is less than $50
  • the interest part of a blended payment made by an individual
  • interest one individual pays to another, such as interest paid on a private mortgage (this does not include investment dealers or brokers making payments for client program accounts)
  • interest paid on loans from banks, financial houses, or other institutions whose usual business includes lending money

But, it is not prohibited to prepare a T5 slip for under $50. I've received T5 slips in the mail for total amounts under $50.

January 12, 2020
10:09 am
moneyhelp
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Its my understanding that $50 is the minimum threshold required to trigger and generate a T5.

But as, Alexandre in post 7, you are technically supposed to claim all income generated from interest income earned. I created a spreadsheet that I fill out every time my FI(s) deposit interest income earned (usually the end/beginning of the month).

Like Rick in post 15, I just do it as habit, that way its simple when going to my accountant when I file taxes.

January 12, 2020
11:49 am
Bill
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I have to admit, I'm a lawbreaker, I only report amounts I get a T slip for. The rest is insignificant (in my opinion), and I don't like to confuse CRA and thereby attract their attention so I report the amount they are expecting, i.e. matches nicely with T5s issued to me. It's worked for over 4 decades so far.

January 12, 2020
1:02 pm
Norman1
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I've reported more investment income than CRA expects from the tax slips for a long time. T5 slips are not always issued for small amounts. A payer forgets to include an account in the T5 slip. Foreign payers issue the appropriate slip for their country and not a Canadian tax slip.

CRA has not followed up yet on any of those years.

CRA likely does not get suspicious when a taxpayer reports more income than expected. That's actually quite common.

I think it is when the taxpayer reports less than expected that catches CRA's attention.

January 12, 2020
1:25 pm
Bill
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CRA's attention can be caught for various reasons. The usual one in this area is when you fail to report T slip income that has been reported by a financial institution, i.e. their computer matches what fi's have filed with them with what taxpayers have reported and then they go after any missing amounts. Also if you file materially different income, either more or less, than your past pattern indicates the computer may spit you out for further scrutiny by an agent who may or may not decide to give you a call. In my life I've yet to meet a person whose only income is employment and/or other T-slip income (i.e. no business or rental activity) who has been audited by CRA (I'm not talking about them contacting you questioning a line or two on your return, that's not an "audit"), so I've no idea what they spend their time doing.

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