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Email this6:08 pm
October 21, 2013
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Fortunately, it has not been legislated that one must own and operate a computer.
It would be ideal though if customers had an option of how they would receive "mailings" of info. I imagine a great many would choose electronic.
I am confident that any savings on postage would not lead to higher bps for us though. It would be used for anything but.
7:35 pm
October 27, 2013
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For years, I have been cajoling the banks to provide an electronic PDF version. Snowbirds have been asking for years as well. I think the majority of Canadians would opt for PDF.
The big(ger) brick and mortar banks (and the subsidiaries/divisions of those banks like Motive, LBC Digital) seem allergic to the concept.
9:32 pm
October 21, 2013
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How does one go about cajoling large FIs? Inquiring minds want to know!
5:19 am
March 30, 2017
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its mind boggling why the big banks 'choose' to continue to issue paper T5 for bank accounts only (the bank owned dealers all issue electronic T5 but still mail it out as well.) Its all produced electronically and makes no sense to incur the extra cost to mail it. Maybe its just a legacy system to make sure they fulfill their legal responsibility when it comes to tax reporting....
Duca T5 in snail mail. They provided electronic version last year but have not seen it posted this year while snail mail received already.
5:50 am
October 21, 2013
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DUCA ran into a huge problem last year when their T5s failed to include patronage dividends, so they had to re-issue them all. This was after they'd just done a major computer upgrade. Perhaps they decided to use the old system for the T5s this year because of this, although I have no idea how their internal systems work..
6:57 am
February 7, 2019
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savemoresaveoften said
its mind boggling why the big banks 'choose' to continue to issue paper T5 for bank accounts only (the bank owned dealers all issue electronic T5 but still mail it out as well.) Its all produced electronically and makes no sense to incur the extra cost to mail it. Maybe its just a legacy system to make sure they fulfill their legal responsibility when it comes to tax reporting....Duca T5 in snail mail. They provided electronic version last year but have not seen it posted this year while snail mail received already.
I do believe all companies are legally required to have paper tax slips, statements and invoices by default. They are permitted to offer customers the option to change to electronic formats, although not all do ...
| CGO |
7:08 am
October 27, 2013
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cgouimet said
I do believe all companies are legally required to have paper tax slips, statements and invoices by default. They are permitted to offer customers the option to change to electronic formats, although not all do ...
It depends on type of institution but all should offer the option to change to electronic. For myself, I end up scanning to PDF anyway and shredding the paper for the ones which refuse to offer the electronic option.
7:27 am
March 30, 2017
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AltaRed said
It depends on type of institution but all should offer the option to change to electronic. For myself, I end up scanning to PDF anyway and shredding the paper for the ones which refuse to offer the electronic option.
same here. not offering pdf for bank accounts but have it avail for investment accounts make no sense at all.
7:31 am
October 21, 2013
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cgouimet said
I do believe all companies are legally required to have paper tax slips, statements and invoices by default. They are permitted to offer customers the option to change to electronic formats, although not all do ...
I don't think there can be any such legal requirement. I can't imagine EQ, for example, would offer a mailed option for anything whatsoever.
8:07 am
September 20, 2016
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RBC has the option to print your own tax documents for at least the last 2 years. I downloaded mine Feb 10 but they may have been available earlier.
8:12 am
February 7, 2019
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An example of stupidity when it comes to switching from paper to paperless on documents ...
We have been with TD-Monnex for home and auto insurance for years. I used to receive annual billing and policy changes for each of the three policies via Canada Post. All three policies are on auto monthly billing on a credit card.
Last year I switched to paperless. Now I receive emails everytime there is a new document for me to look at online. For each of the two autos, I receive the annual pink slips via Canada Post.
The stupid part ... For each of the three policies, I now receive monthly notifications via Canada Post that the credit card is about to be charged. So, by going from paper to paperless, we went from 3 Canada Post TD-Monnex mailings per year to 38!
| CGO |
8:30 am
September 11, 2013
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Per canada.ca, under "Distributing the T5 slips" (note it doesn't say "Mailing"): "You can send recipients an electronic copy of their T5 slips, by the last day of February following the calendar year to which the information return applies, but they must have consented in writing or by email to receive the slips electronically."
Re EQ Bank, doesn't look like consent there but maybe when you're opening your account the fine print says you're consenting to emailed slips, I don't know:
https://www.eqbank.ca/legal/Tax-Slips-Availability
The whole thing's a big Canada make-work project, CRA already has your slips info.
9:18 am
October 21, 2013
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Some of this sounds like the infamous Department of Redundancy Department!
It may well be that EQ has embedded this policy in their sign-up process. They certainly never asked for my consent, nor has any other FI that provides electronic T5s to me. (I haven't checked to see if others provide both media.)
Such behaviour would be consistent with some of my negative experiences of EQ. It would be interesting to see what would happen if one attempted to withdraw a "consent" obtained in this way. My guess would be that, if you insisted, they would close your account. Nehpets reported some time ago that EQ would not allow him to open a new account after he had once closed an account. If memory serves, that was a permnent ban.
On the other hand, maybe they never did get consent and are simply in violation of this rule.
9:25 am
April 6, 2013
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With EQ Bank, one consented to electronic delivery of documents by opening a savings account or GIC.
These are from the Savings Plus Account Agreement and the EQ Bank GIC Agreement:
By signing up for a Savings Plus Account, you agree to receive all communication and documents related to your Account in electronic format.
…
6. Revoking ConsentYou may revoke your consent for electronic delivery of Documents for your Account only by closing your Account. …
By opening a GIC with us, you agree to receive all communication and documents related to your EQ Bank GIC in electronic format.
…6. Revoking Consent
You may revoke your consent for electronic delivery of Documents for your GIC only by no longer holding an EQ Bank GIC. …
11:23 am
October 7, 2018
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NEO T5 will be available on line as of tomorrow Feb 27.
11:49 am
October 21, 2013
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Norman1 said
With EQ Bank, one consented to electronic delivery of documents by opening a savings account or GIC.These are from the Savings Plus Account Agreement and the EQ Bank GIC Agreement:
By signing up for a Savings Plus Account, you agree to receive all communication and documents related to your Account in electronic format.
…
6. Revoking ConsentYou may revoke your consent for electronic delivery of Documents for your Account only by closing your Account. …
By opening a GIC with us, you agree to receive all communication and documents related to your EQ Bank GIC in electronic format.
…6. Revoking Consent
You may revoke your consent for electronic delivery of Documents for your GIC only by no longer holding an EQ Bank GIC. …
Thanks. That certainly seems consistent with the attitude I have experienced form EQ towards its customers.
Wasn't there a list somewhere of accepted reasons why FIs could refuse to OPEN accounts for someone?
11:57 am
December 20, 2019
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Anyone receive their Motive T5 yet?
I'm a bit annoyed, it's nearly the end of February and I should have it by now.
I like to get my taxes done early and all the other financial institutions have them in my hands already.
12:15 pm
September 11, 2013
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It's coming, mine just came yesterday or day before.
12:24 pm
April 6, 2013
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Loonie said
Wasn't there a list somewhere of accepted reasons why FIs could refuse to OPEN accounts for someone?
For banks, those are in the regulations for Bank Act section 448.1 mentioned a while back.
1:02 pm
October 21, 2013
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So, EQ forces customers to agree to something that one is supposed, by law, to have a choice about. Otherwise, the message is, essentially, -FU.
Very consistent, I must say, with their attitude on other related matters.
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