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Email this4:18 am
January 5, 2023
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EQ finally posted the T5s last night (Feb 27th). I downloaded my copy but found the amount was odd. Verified against the yearly amounts of interest and GIC income and the slip was more than double what I received. So, now I have to contact them.
Just a FYI to double check the slips. I have never had this before.
4:51 am
March 30, 2017
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dsc said
EQ finally posted the T5s last night (Feb 27th). I downloaded my copy but found the amount was odd. Verified against the yearly amounts of interest and GIC income and the slip was more than double what I received. So, now I have to contact them.
Just a FYI to double check the slips. I have never had this before.
Could it because you have a new GIC that did not have interest reported in 2022, but got lumped into 2023 ? A couple of new GIC purchased during the year in 2022 can trigger that. Its not necessarily just what you "receive" in 2023.
5:15 am
February 6, 2019
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I have done the math and I found that they replaced the interest received on Jan. 1st, 2023 with the interest received on Jan. 1st, 2024.
Not sure if this is what they are supposed to do ... but if they did the same thing last year, I guess that it is OK. If this is the case, no interest is double counted, so that would be good. In my case the difference is very small, so I will not investigate it further. The only thing that would really bother me is if they send us an updated T5 after I filled my taxes. That happened with Duca a couple of years ago.
Just to be clear, I do not have unregistered GICs with them. I only have an unregistered savings account.
5:40 am
October 21, 2018
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Thanks for the heads up. FWIW, I downloaded my EQ T5s and checked with my Quicken numbers and both T5s are correct. I got one T5 for a GIC that matured in November and the other for the joint saving account.
One mistake I often make in these cases is to do a "last year" report which will show an incorrect number. The January deposit is actually for December's interest, so you need to count from Feb 01 of the previous year to Jan 01 of the current year. My first report in Quicken (Last Year) was wrong until I did a custom date report.
6:21 am
April 6, 2013
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I checked my EQ Bank T5 slip for 2023 and it is okay.
The slip has the savings account interest posted Feb 1, 2023 to January 1, 2024. There's no error. Previous thread EQBank T5 slip Box 13 for TY2019 includes … discussed this.
7:38 am
October 27, 2013
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dsc said
EQ finally posted the T5s last night (Feb 27th). I downloaded my copy but found the amount was odd. Verified against the yearly amounts of interest and GIC income and the slip was more than double what I received. So, now I have to contact them.
Just a FYI to double check the slips. I have never had this before.
As noted by post #2, the tax slip will include accrued (but unpaid) interest on compound GICs that had an anniversary date in 2023.
Example: A 2+ year compound GIC purchased in 2022 in a non-registered account with a first anniversary date in 2023 has accrued interest that must be on tax slips and reported in 2023 taxable interest.
My EQ Bank T5 is correct.
8:42 am
January 5, 2023
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AltaRed said
As noted by post #2, the tax slip will include accrued (but unpaid) interest on compound GICs that had an anniversary date in 2023.
Example: A 2+ year compound GIC purchased in 2022 in a non-registered account with a first anniversary date in 2023 has accrued interest that must be on tax slips and reported in 2023 taxable interest.
My EQ Bank T5 is correct.
Yes, this is correct and what my problem was.
I did talk to EQ and they did not know the answer (awaiting a call back), but what you have stated is right.
In my case I had a 5yr GIC purchased in June 2022 which will not payout until maturity. But I am "hit" with the interest on June 2023 and each anniversary until maturity. I purchased another couple of GICs with similar terms last year, so this will be a on going issue.
For the life of me I have had non registered GICs before and never caught this but maybe the terms where less.
12:05 pm
October 21, 2013
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Once upon a time you didn't have to report the interest annually if it was compounded. Instead, you had to do it every 3 years. If I remember correctly, even earlier than that, you only had to report it when received.
However, the annual reporting requirement has been in place for several years now. For this reason, financial planners often recommend against choosing compound interest, to ensure you have enough interest income in cash to pay the tax on it.
1:41 pm
April 1, 2024
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We opened EQ account in 2024, how come we got T5 for 2023?
3:50 pm
October 27, 2013
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dsri786 said
We opened EQ account in 2024, how come we got T5 for 2023?
Odd. Did you have an EQ (or Concentra) product such as a GIC that matured or had an anniversary within a brokerage in 2023?
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