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Email this3:34 pm
October 21, 2013
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Perhaps everyone else already knows this but a friend of mine just discovered that the default position at Tangerine now is that it only provides the T5 slips online. You have to go in and retrieve them. They don't mail them out automatically any more.
You can re-set your profile so that they will get mailed out in future if you want.
It would be easy to accidentally forget a T5 that is not mailed to you, as you have nothing to remind you. My friend almost found that out the hard way, as he was all ready to send his info to the accountant. Tangerine did not send any kind of reminder to watch for your T5 online, which I think they should.
There may be other financial institutions that do this. I don't know of any. But in future years this could become more common.
I still deal with Tang the old-fashioned way, only by phone, so mine came in the mail.
4:38 pm
December 23, 2011
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I don't have Tangerine. I make a list of where I expect T slips from and check it before I start my income tax. Also I make notes, if I remember, and toss them into an income tax file folder and sort them all out as well......and if you make duplicates......throw them out! I now do income tax at least 3 weeks after I should receive all T slips.
Two years ago I received a T5 the day after i submitted. And I waited a week or two before I submitted. I called CRA and submitted the T5 on a special form. A bit of a hassle...the call, the form, the reassessment, an additional amount to pay. And apparently if this happens too often leaves you open for a tax audit.
Seems to be sloppy work by Tangerine. If your profile is NOT set to receive them by post mail ........then it should be a system default setting that you would be emailed to retrieve your T slips online.
6:10 pm
August 28, 2013
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I had exact incident last tax year. I just forgot interest from Tang and got friendly reminder (many months later) from CRA that I am own to Harper few more bucks. Fortunately there was no penalty on any other charges.
Since then I apply good practice as kanaka to keep notes in tax folder (plain paper folder, just toss in sticky note: gic at such and such; interest from xyz, etc.).
I am puzzled, since I came to this Paradise country, WHY people with simple situation (retired, salaried, etc.) have to file tax. CRA has ALL info about you. You cannot cheat, you cannot avoid them having info about all your interest received, salaries, pension. Some 10 year ago you could get away not reporting interest and not paying taxes; but today they regularly run fancy programs to double/triple check all your income so no way you can hide.
And who gains - companies who make tax software and 'experts' at malls who will do your taxes for nominal fee. OK, there is a free tax software so that helps a little if you are handy with your receipts...
6:15 pm
December 23, 2011
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Good point but medical expenses, income splitting, etc has to be a manual entry......CRA doesn't know everything....yet.
9:37 pm
October 21, 2013
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My friend has now checked back on his 2013 Tangerine T5. That one did arrive in the mail. So, for him at least, this is a new practice this year.
12:03 am
April 1, 2015
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Loonie said
Perhaps everyone else already knows this but a friend of mine just discovered that the default position at Tangerine now is that it only provides the T5 slips online. You have to go in and retrieve them. They don't mail them out automatically any more.
You can re-set your profile so that they will get mailed out in future if you want.
It would be easy to accidentally forget a T5 that is not mailed to you, as you have nothing to remind you. My friend almost found that out the hard way, as he was all ready to send his info to the accountant. Tangerine did not send any kind of reminder to watch for your T5 online, which I think they should.
There may be other financial institutions that do this. I don't know of any. But in future years this could become more common.
I still deal with Tang the old-fashioned way, only by phone, so mine came in the mail.
Your friend's information is wrong. I received my T5 slip from Tangerine in the mail again this year, the same as in previous years, without having to reset my profile or change anything for that matter. However, I do agree that it's wise to keep a running tally of your interest totals from all accounts just in case the mailed original is misdirected, in which case you can always ask for a duplicate to be sent.
11:44 am
November 29, 2014
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I've been a customer of ING/Tangerine for more than 15 years (it used to be a great bank but not anymore). I always got my T5 by mail. But not this year.
I believe this is because I opened a chequing account which forced on me the "preference" for electronic documents. It seems that to change my profile to receive T5 slips by mail I would have to close my chequing account.
1:00 pm
October 21, 2013
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My friend's information is not "wrong" inasmuch as it's what he was told by Tangerine, and he did not receive the T5 in the mail. He has now re-set his preference.
He does have a chequing acct, but it was opened before 2014.
There may be some other quirks in their system of which we are not aware that enable the settings to be rejigged without our being aware of it. So, keep an eye on your settings as well as keeping track.
1:14 pm
December 23, 2011
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Loonie said
My friend's information is not "wrong" inasmuch as it's what he was told by Tangerine, and he did not receive the T5 in the mail. He has now re-set his preference.
He does have a chequing acct, but it was opened before 2014.There may be some other quirks in their system of which we are not aware that enable the settings to be rejigged without our being aware of it. So, keep an eye on your settings as well as keeping track.
I did a stint in systems at work. And when you upgrade or make changes it is possible to reset things to a default situation that you would be unaware of. And who reviews their profiles on a regular basis?
1:24 pm
August 28, 2013
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kanaka said
Good point but medical expenses, income splitting, etc has to be a manual entry......CRA doesn't know everything....yet.
Medical expenses and paid house tax never worked for me. Do you have to be REALLY ill or pay 10K+ for property tax to get something back. It always puzzled me why I am getting tax receipt from the town when I have no use for it...
1:54 pm
April 1, 2015
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Loonie said
My friend's information is not "wrong" inasmuch as it's what he was told by Tangerine, and he did not receive the T5 in the mail. He has now re-set his preference.
He does have a chequing acct, but it was opened before 2014.There may be some other quirks in their system of which we are not aware that enable the settings to be rejigged without our being aware of it. So, keep an eye on your settings as well as keeping track.
I did not have a chequing account and in fact no changes were made to my account last year, so that probably explains why my T5 arrived by post, as always. But, I have made changes already this year, so I will definitely be keeping my eyes peeled for any rejigging of my profile settings. Thanks for the heads-up, people.
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