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Email this7:52 am
September 30, 2017
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Good work Tangerine ... on timely statements
BTW - non-registered USD savings account interest is taxable. Annual exchange rate for 2019 is 1.3269 as per Bank of Canada. Also starting April 30, 2020, USD deposit is to be included in CDIC per insured category per member FI $100,000 coverage
7:35 pm
February 17, 2013
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Where?? Only 2018 available & schedule says not coming out until Jan 13
8:26 pm
July 28, 2016
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Got mine too. In the documents section. As usual.
Did not get any special offer since April 2019 but at least I got my tax receipt...
1:19 am
February 17, 2013
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Slybanking said
Got mine too. In the documents section. As usual.Did not get any special offer since April 2019 but at least I got my tax receipt...
Nope. Thats where I went. 2018 was last one. Guess I don't rate
Then again...maybe it's because the grand total of interest on all my Tang accounts is $5.09. 
5:21 am
October 21, 2013
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Yes, as you may know, there's a $50 minimum required to trigger a T5.
11:25 am
April 20, 2019
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Loonie said
Yes, as you may know, there's a $50 minimum required to trigger a T5.
They really need to increase the $50 minimum required for T5’s.
1:56 pm
November 8, 2018
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suburbs4life said
They really need to increase the $50 minimum required for T5’s.
You do realize you must report all interest income when filing taxes, even if it is under $50 for an account?
It is quite annoying to not have bank report me (and CRA) exact interest my account earned, and leaving it for me to figure it out.
It costs bank next to nothing to generate T5 for any amount, and submit it to CRA, so that I can use TurboTax to download T5s from CRA, to submit them back to CRA in my tax report.
2:14 pm
January 12, 2019
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suburbs4life said
They really need to increase the $50 minimum required for T5’s.
Or better yet ... the CRA should 'Eliminate' the minimum required for T5's, so All accounts earning interest get T5's.
In this electronic/computer age, it would be very easy for the FI's do that, and it would make it much easier & fairer for everyone❗
My two centavos 
Dean
" Live Long, Healthy ... And Prosper! "
2:22 pm
December 15, 2016
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suburbs4life said
They really need to increase the $50 minimum required for T5’s.
Increase the minimum ??? I'm certainly missing something here because I'm at a complete loss trying to understand exactly what that would accomplish ?
Just curious but is your name also Bud ?
2:22 pm
April 20, 2019
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No, I had no idea actually. That’s interesting. I havent been working for long. My accountant has just asked for T5’s.
2:24 pm
April 20, 2019
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Righand said
Increase the minimum ??? I'm certainly missing something here because I'm at a complete loss trying to understand exactly what that would accomplish ?
Just curious but is your name also Bud ?
No.. I just recently started working. I don’t appreciate you comparing me to Bud!
However, I do appreciate learning new things Thanks for letting me know.
2:34 pm
December 15, 2016
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suburbs4life said
No.. I just recently started working. I don’t appreciate you comparing me to Bud!
However, I do appreciate learning new things Thanks for letting me know.
I apologize for the silly comparison, please ignore it and hang in there. 
All the best.
2:38 pm
October 27, 2013
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suburbs4life said
No, I had no idea actually. That’s interesting. I havent been working for long. My accountant has just asked for T5’s.
Doesn't matter. You have to report all interest regardless of tax slip or not. It is the law.
6:14 pm
January 12, 2019
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AltaRed said
Doesn't matter. You have to report all interest regardless of tax slip or not. It is the law.
True ^ ... and that's part of the problem❗
I suggest a 'change' (see Post #8 above).
Any thoughts❓
Dean
" Live Long, Healthy ... And Prosper! "
1:18 am
February 17, 2013
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Alexandre said
You do realize you must report all interest income when filing taxes, even if it is under $50 for an account?
Yes....I report every penny...T5 or not. Think it was just habit...yanked everything substantial out of Tang a long time ago.
8:21 am
April 6, 2013
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Dean said
Or better yet ... the CRA should 'Eliminate' the minimum required for T5's, so All accounts earning interest get T5's.
In this electronic/computer age, it would be very easy for the FI's do that, and it would make it much easier & fairer for everyone❗
…
CRA doesn't require a minimum for a T5 slip.
According to Chapter 4 of the T5 Guide – Return of Investment Income, a T5 slip doesn't have to be prepared when the total paid is under $50:
When do you not have to prepare a T5 slip?
You do not have to prepare a T5 slip to report:
- amounts paid to one recipient when the total amount for the year is less than $50
- the interest part of a blended payment made by an individual
- interest one individual pays to another, such as interest paid on a private mortgage (this does not include investment dealers or brokers making payments for client program accounts)
- interest paid on loans from banks, financial houses, or other institutions whose usual business includes lending money
…
But, it is not prohibited to prepare a T5 slip for under $50. I've received T5 slips in the mail for total amounts under $50.
10:09 am
December 1, 2016
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Its my understanding that $50 is the minimum threshold required to trigger and generate a T5.
But as, Alexandre in post 7, you are technically supposed to claim all income generated from interest income earned. I created a spreadsheet that I fill out every time my FI(s) deposit interest income earned (usually the end/beginning of the month).
Like Rick in post 15, I just do it as habit, that way its simple when going to my accountant when I file taxes.
11:49 am
September 11, 2013
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I have to admit, I'm a lawbreaker, I only report amounts I get a T slip for. The rest is insignificant (in my opinion), and I don't like to confuse CRA and thereby attract their attention so I report the amount they are expecting, i.e. matches nicely with T5s issued to me. It's worked for over 4 decades so far.
1:02 pm
April 6, 2013
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I've reported more investment income than CRA expects from the tax slips for a long time. T5 slips are not always issued for small amounts. A payer forgets to include an account in the T5 slip. Foreign payers issue the appropriate slip for their country and not a Canadian tax slip.
CRA has not followed up yet on any of those years.
CRA likely does not get suspicious when a taxpayer reports more income than expected. That's actually quite common.
I think it is when the taxpayer reports less than expected that catches CRA's attention.
1:25 pm
September 11, 2013
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CRA's attention can be caught for various reasons. The usual one in this area is when you fail to report T slip income that has been reported by a financial institution, i.e. their computer matches what fi's have filed with them with what taxpayers have reported and then they go after any missing amounts. Also if you file materially different income, either more or less, than your past pattern indicates the computer may spit you out for further scrutiny by an agent who may or may not decide to give you a call. In my life I've yet to meet a person whose only income is employment and/or other T-slip income (i.e. no business or rental activity) who has been audited by CRA (I'm not talking about them contacting you questioning a line or two on your return, that's not an "audit"), so I've no idea what they spend their time doing.
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