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Email this3:28 pm
April 2, 2018
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It is really PITA with these T5s and T4s and all other slips. WHY companies and FI cannot generate them on Jan 1st???? HOW difficult is that????
Now I (and others for sure) have to wait end of Feb and byte nails to calculate should I do any RRSP contribution or not. Should my spouse or I claim interest, etc.
Really, this country is designed to screw you up... Not to mention I have to PAY for third party tax software instead of government to provide it for free. THEY already have all forms, formulas, calculations ready; just recompile it from mainframe or java to Android, iOS, PC, Apple, whatever...
4:26 pm
September 6, 2020
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Impossible to generate many slips by Jan 1. To get to do anything you have to do step 1 then step 2 ... until the task reaches the reporting stage. RRSP is good. You can deduct as little of your contribution and carry the unused contribution forward. Last year I made a contribution March 2nd. One day after the cutoff.
Have a Great Day
12:43 pm
December 7, 2011
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Tangerine reports on T5 "interested posted", not "interest earned".
For example, Tangerine regular interested paid on Dec 31, 2020 and promotional interest (earned on the same amount in December 2020) paid on Jan 1, 2021.
Regular interest is reflected on 2020 T5 and promotional on 2021 T5.
Not sure about EQ, will see, when EQ finally will issue T5.
For example, on EQ January statement will clearly stated "interest earned" from January 1 to January 31 and that very same amount is actually posted on March 1 as "interest posted" on that the same statement, that is supposed to be January statement, not joint statement for January and part of February.
7:27 am
December 7, 2011
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Received EQ 2020 T5 and discovered, that interest posted on January 1, 2021 is actually included in 2020 T5.
That is totally opposite to Tangerine way.
Tangerine interest posted on January 1, 2021 will be included in 2021 T5, not 2020 T5.
8:10 am
April 6, 2013
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pcs reported the EQ Bank T5 slip behaviour last year in EQBank T5 slip … for TY2019 includes interest credited on 2020-Jan-1st.
8:53 am
September 11, 2013
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pooreva, I agree, it's pretty funny that Canadians spend a lot of collective time getting T-slip info that the gov't already has from the issuers, employers, etc. And I agree, it's even funnier that many Canadians seem to be absolutely ok with PAYING (for software) to file tax returns as required by their government.
I file free paper returns, sometime in April usually, and am pondering maybe just printing out the T3, T5, etc slips summary info from MyAccount instead of sending in all the slips, see what they say. Any paper filers done that before?
11:57 am
April 6, 2013
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That's right: One can always file for free by filling in the paper returns provided free by CRA.
In fact, some people should learn to do the paper returns. They would gain a better understanding of the Canadian income tax system. They will also understand why the government does not provide newbie-level software for doing tax returns.
6:13 pm
March 15, 2019
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Norman1 said
One can always file for free by filling in the paper returns provided free by CRA.
Has anyone been successful in obtaining paper returns? Or, do you have to print the form off the Internet?
I tried my local post office. Nothing. I called the CRA and they said they would mail me the form, then I saw when I checked online "unavailable".
6:49 pm
April 6, 2013
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Unfortunately, CRA no longer distributes the tax return forms through Canada Post outlets.
The 2020 T1 General tax packages can be ordered from CRA: Order forms and publications.
No need to order if "you filed your taxes on paper before November 30, 2020". CRA will mail the 2020 income tax package automatically to such tax filers.
5:22 am
October 22, 2015
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Has anyone received their Simplii Financial T5's or have them post to CRA online account? It's the only one I'm waiting for........
T
anks in advance
8:46 am
March 30, 2017
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fabafter50 said
Has anyone received their Simplii Financial T5's or have them post to CRA online account? It's the only one I'm waiting for........
T
recd mine last week.
9:44 am
June 8, 2016
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Norman1 said
Unfortunately, CRA no longer distributes the tax return forms through Canada Post outlets.The 2020 T1 General tax packages can be ordered from CRA: Order forms and publications.
No need to order if "you filed your taxes on paper before November 30, 2020". CRA will mail the 2020 income tax package automatically to such tax filers.
I ordered my tax packages on Jan 19, & was notified that they were back ordered, and would be mailed when available...rec'd Mar 4.
I continue to paper-file/mail-in , and despite CRA assurances that paper filers will automatically receive the following year's tax packages in the mail, that hasn't been my experience. I had been content to trundle down to a Canada Post outlet to retrieve tax packages, but that option is gone.
My paper-file /mail-in method does involve StudioTax though, and not pen & paper, and the CRA required 2D bar code that is printed is perhaps the reason I don't automatically receive my tax package anymore, despite mailing in my tax return.
Perhaps next year I will get a CRA account and NetFile... perhaps...
11:16 am
September 29, 2017
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bpwest said
...
My paper-file /mail-in method does involve StudioTax though, and not pen & paper, ...
Then why bother getting the paper file when you can simply print the return from the software?
Ok, as of this year StudioTax charges. The only desktop software left that does not charge is GenuTax (only for Windows).
11:32 am
June 8, 2016
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smayer97 said
Then why bother getting the paper file when you can simply print the return from the software?
Ok, as of this year StudioTax charges. The only desktop software left that does not charge is GenuTax (only for Windows).
When ordering thru CRA site, one gets the full package (PKG), which includes guide, schedules, and forms, and also one gets the pre-addressed envelope to mail back to CRA. I prefer the paper guide.
7:37 pm
February 16, 2013
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fabafter50 said
Has anyone received their Simplii Financial T5's or have them post to CRA online account? It's the only one I'm waiting for........
T
Hi Fab, I received my T5 in the mail last week as well but it was posted on CRA MyAccount at least a week before. On the CRA site, it is posted as CIBC and not Simplii - so you might have missed it!
10:02 pm
October 17, 2018
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fabafter50 said
Has anyone received their Simplii Financial T5's or have them post to CRA online account? It's the only one I'm waiting for........
T
Also received mine a week or two ago.
10:37 pm
October 17, 2018
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Bill said
pooreva, I agree, it's pretty funny that Canadians spend a lot of collective time getting T-slip info that the gov't already has from the issuers, employers, etc. And I agree, it's even funnier that many Canadians seem to be absolutely ok with PAYING (for software) to file tax returns as required by their government.I file free paper returns, sometime in April usually, and am pondering maybe just printing out the T3, T5, etc slips summary info from MyAccount instead of sending in all the slips, see what they say. Any paper filers done that before?
I file a paper return and last year I E filed a return for a relative. Last week relative received request for a information slip to support tax paid , a single line item amount (tax withheld by financial institution from RRIF withdrawal ) . So a year later I have to find the copies of the slips and waste a stamp and an envelope to send in a slip that they should have already. They might ask for all slips later one letter at a time . So this year it's back to paper and all the information slips will be included with it. I don't understand the point of E file if they may want the slips later , maybe many years later. Receipts to support deductions I could understand but I truly doubt that the bank didn't send the slip to the CRA and if that were the case then all the more reason to file paper return anyway and send in all the information slips with it.
So Bill I would advise against what you are thinking about doing and attach all your slips and be done with it.
11:34 pm
April 6, 2013
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The Federal Income Tax and Benefit Guide 2020 directs one to attach the slips if one is filing by paper.
This is from the section What documents to attach to your paper return:
When you are filing your paper return, attach the supporting documents that are requested below. If you make a claim without the requested supporting document, the CRA may disallow the credit or deduction you claimed. It could also delay the processing of your return.
Documents required to support reported income
Attach the following to your paper return:
• Information slips: One copy of each of your information slips, such as T4, T4A, and T5, including if applicable, provincial slips such as the Relevé 1
…Documents required to support deductions and credits claimed
Attach the following to your paper return:
• Information slips: One copy of each of your information slips, such as T4, T4A, and T5, including if applicable, the provincial slips such as the Relevé 1
…
11:48 pm
April 6, 2013
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Oscar said
… last year I E filed a return for a relative. Last week relative received request for a information slip to support tax paid , a single line item amount (tax withheld by financial institution from RRIF withdrawal ) . So a year later I have to find the copies of the slips and waste a stamp and an envelope to send in a slip that they should have already.…
CRA should have a copy of the T4RIF slip.
An error could have been made while keying the amount of income tax withheld from Box 28 into the tax software.
2:10 pm
October 17, 2018
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Norman1 said
Oscar said
… last year I E filed a return for a relative. Last week relative received request for a information slip to support tax paid , a single line item amount (tax withheld by financial institution from RRIF withdrawal ) . So a year later I have to find the copies of the slips and waste a stamp and an envelope to send in a slip that they should have already.…
CRA should have a copy of the T4RIF slip.
An error could have been made while keying the amount of income tax withheld from Box 28 into the tax software.
First thing I did was to check the line item and it was exact amount as box 28. Don't know what the problem is on their end but seems like the solution is filing a paper return from now on.
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