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2020 T5 available for download at Tangerine
January 9, 2021
6:40 am
hwyc
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So it begins the tax season for tax year 2020 sf-wink

January 9, 2021
7:56 am
rfdm4g4g9
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Yes. Tangerine is always really fast in making T5 available.

Within the first 10 days of January they have them ready.

Last year was January 9, I think. This year even sooner.

Other banks can learn from them!

Even CRA themselves don't come out with
their own T4- OAS or T4 -CPP slips till second week of February.

I think My Service Canada Account (MSCA) comes out with them.

January 9, 2021
3:10 pm
Dean
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hwyc said

So it begins the tax season for tax year 2020 sf-wink  

Thanks for the Heads-Up, Hwyc ❗

I just finished printing off my 2020 Tangerine T5.

    Dean

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

January 10, 2021
6:59 am
topgun
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Not there yet. Still showing 2019. I will give them one more day.

Have a Great Day

January 11, 2021
3:36 am
gamgam
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I printed off my 2020 T5 slips yesterday.

January 14, 2021
9:51 am
Alexandra
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I have two (small?) RRIF's maturing this year with Tangerine. One for around $3K at the end of this month and the other with almost that at end of Nov 21.

Honestly, I don't know what to do with it. RRIF savings at 0.15% ALL THE WAY UP TO a 5yr term of 1.10%!!

Would you cash them in and just invest in a regular GIC ? Get into their mutual funds? Put into RRIF DISA and transfer into another institution with a long turn around?

I do not at this time have any mutual funds. sf-cry

January 14, 2021
11:39 am
hwyc
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Comparing apples to apples - 0.80% for 270 days is not as bad as 0.80% for 3 years.

... nothing excited, not worth a new thread here.

January 14, 2021
12:10 pm
2of3aintbad
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Alexandra said
I have two (small?) RRIF's maturing this year with Tangerine. One for around $3K at the end of this month and the other with almost that at end of Nov 21.

Honestly, I don't know what to do with it. RRIF savings at 0.15% ALL THE WAY UP TO a 5yr term of 1.10%!!

Would you cash them in and just invest in a regular GIC ? Get into their mutual funds? Put into RRIF DISA and transfer into another institution with a long turn around?

I do not at this time have any mutual funds. sf-cry  

I am somewhat in the same situation, and I will not be reinvesting maturing RIF GICs (which I assume is what you have). The answer depends on your age, your marginal rate now and in the future, if you have a surviving spouse, etc. whether to collapse a RIF or reinvest. $3K is a pretty small amount, and at my age, I am looking to reduce the number of small RIFs that I have. Hope that helps.

January 14, 2021
1:20 pm
Alexandra
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Thanks 2of 3 and hwyc. I guess, like so many right now, I'm just bored with everything and there is no particular reason to go one way or another.

I didn't see the 270 day @ .80% til you mentioned it, so probably will cash 1/3rd of it and put in CT Bank for 1.8% and put the rest in for 270 days.

Sorry, just thinking out loud and you are right my comments are not worthy of a new thread.

I printed off my t5 with them today also.

Cheers

January 14, 2021
4:05 pm
pooreva
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Alexandra said
I printed off my t5 with them today also.

Why is everybody wasting paper printing these T5s?
I keep them all in pdf and do monthly backups...

January 15, 2021
5:31 am
savemoresaveoften
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pooreva said

Alexandra said
I printed off my t5 with them today also.

Why is everybody wasting paper printing these T5s?
I keep them all in pdf and do monthly backups...  

I did both hard and soft copy save. I waste paper, ink and hd spaces too 🙂

January 15, 2021
6:48 am
Alexandre
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pooreva said

Why is everybody wasting paper printing these T5s?
I keep them all in pdf and do monthly backups...  

If you do backups to the Cloud, you let anyone in the world see your T5s. Not if anyone other than CRA cares, of course, and they have those already.

If, instead, you do local backups to your home backup server, these backups are as good as paper copies: poof, and they gone with house fire.

January 15, 2021
9:08 am
Alexandra
Victoria, BC
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I am a senior. I recycle all paper,glass,aluminum and plastics etc. Basically nothing goes into the garbage. I also don't waste water. I agree about the T5's and wasting paper. However, last year I decided to dump my accountant. He was charging more than $400 to do my income tax. I used an accountant in the past because of my rental units. Last year, I did my own taxes and sent the CRA a large envelope of doc's so I included paper T5's etc. There is other stuff I won't go into. I'll be doing the same this year.

January 15, 2021
12:42 pm
pooreva
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Alexandra said
Last year, I did my own taxes and sent the CRA a large envelope of doc's so I included paper T5's etc. There is other stuff I won't go into. I'll be doing the same this year.  

I guess (hope) you did not do taxes by 'hand'. Which software did you use last year? For 2020 tax year I see TurboTax Premier ($74.99) can handle rental property.

January 15, 2021
1:29 pm
Alexandra
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pooreva said

I guess (hope) you did not do taxes by 'hand'. Which software did you use last year? For 2020 tax year I see TurboTax Premier ($74.99) can handle rental property.  

Yes, I did do all my taxes by hand. I keep good records. It didn't take me long. I had many expenses that were out of the ordinary so along with the receipts I had to give explanations. If I had gone to my accountant, sitting there explaining everything to him would have taken an extra 1/2 hour (and so maybe $500.00 for him altogether?), the explanations sit in his file, so if CRA needs to know anything....they call him and not me.....more money. Unless they come back for more info in the future, it would appear as I was right on the penny according to their tax assessment.

Actually I quite enjoyed knowing they would have to sit there and go through everything.

January 15, 2021
2:26 pm
smayer97
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TurboTax Standard can handle Rentals too... you just do not get the Rental Wizard.

January 17, 2021
3:38 am
Loonie
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If you do decide to transfer those RIFs, bear in mind that some FIs have a minimum for the account. Check first.

It does depend on your personal situation, but unless you have a compelling reason to keep them, I'd ditch them - over two years if necessary.
I think that for most of us it's just not worth the bother with such small amounts, bearing in mind that these get smaller every year unless you get very lucky with an investment, which makes them even more of a nuisance.
And the mandatory payout from these amounts is not going to make a significant difference to many budgets.
If you have a larger RIF somewhere, you might be able to amalgamate them when that one comes due, if you really want to keep them.

January 17, 2021
9:28 am
Alexandra
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Thanks everyone for your advice. $6K RIF GIC right now invested with any FI's would bring in between $30 & $114 p/a depending on the term with a mandatory minimum payment of around $330 for 2021. The first RIF doesn't come due til the end of Jan so I will probably just cash it in. I'll put the 2nd RIF GIC maturing at the end of Nov in a RIF HISA til Jan 2022 and then cash that one as well. It will be nice to get rid of them finally.

January 17, 2021
11:10 am
Bill
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Alexandra, I agree, it's fun to imagine CRA having to go through all sorts of info but I'm pretty sure CRA doesn't go through everything in detail at time of initial processing. They just enter your numbers into their machine and as long as there's nothing obviously wrong (e.g. arithmetic error, deduction claimed that is clearly not deductible, forgot to claim deduction or credit available to everyone, etc) the NOA you get mirrors what you filed. Once processing season is over then they look at some returns their computer has identified as likely in error for closer follow up.

January 17, 2021
11:37 am
Alexandra
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Thanks Bill. I am sure CRA is going to have its hands full with going through all the CREB stuff as well over the next couple of years. However, with regards to my return, the explanations I gave with receipts were pretty clear. So if they do readdress mine at some point, they will have those explanations/receipts at their fingertips. As I said before, the accountants just send in an electronic return. If CRA wants to question the return, they phone the accountant first for verifications etc. This way they have everything in front of them and they phone me if they need to.

2020's tax year will be pretty straightforward....but they are going to be getting everything on paper once again. There is no way possible that I would have to pay out another $500 in income taxes and that is approximate cost of accountant. It is nice to have choices!!

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