EQBank T5 slip Box 13 for TY2019 includes interest credited on 2020-Jan-1st | Page 2 | Income tax filing | Discussion forum

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EQBank T5 slip Box 13 for TY2019 includes interest credited on 2020-Jan-1st
September 23, 2020
7:18 am
Norman1
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topgun said

I purchased a 5 year GIC on Jan 1, 2020. I assumed the interest payment date would be Jan 1, 2021. On my FI account it shows Dec 31, 2020. It looks like Leap Year/statutory holiday changes payment date. Having fun.

January 1, 2020 was not a business day. So, the GIC was really purchased the next business day, Thursday, January 2, 2020.

However, the anniversary date, January 2, 2021, will be a Saturday. Next business day would be Monday, January 4, 2021. Previous business day would be Thursday, December 31, 2020.

The financial institution chose to pay the anniversary interest early on the previous business day.

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