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Email this1:28 pm
November 8, 2018
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I find it tedious to track few cents or dollars each of my checking accounts earn.
Instead, in my tax return I simply report extra $45 interest income on top of all T5s I receive. I figured it is overreporting, unlikely I hit that much in annual interest income on mostly empty checking accounts, but I don't mind. CRA doesn't mind either.
11:30 am
February 25, 2020
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My Tangerine T5 for 2019 also includes one transaction from 2020-01-01.
Is it correct?
11:54 am
December 1, 2016
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New_One_123 said
My Tangerine T5 for 2019 also includes one transaction from 2020-01-01.
Is it correct?
Shouldn’t be. Contact them to clarify.
Their online chat has to go through a chat box of predetermined questions, which is BS. One way around this is asking a very specific complicated question and within the chat box it will give a link to live chat. Works everytime 🙂
5:13 pm
February 25, 2020
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So, sorry, it's a wrong thread/bank. Tangerine is good.
6:41 am
January 9, 2011
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Alexandre said
I find it tedious to track few cents or dollars each of my checking accounts earn.
Instead, in my tax return I simply report extra $45 interest income on top of all T5s I receive. I figured it is overreporting, unlikely I hit that much in annual interest income on mostly empty checking accounts, but I don't mind. CRA doesn't mind either.
Instead you might want to login to your CRA account and see what T5's THEY receive. As far as I know, that's what they go on.
I also have been re-assessed in previous years for small amounts and with a penalty of course....and it takes 11 months for them to tell me. Since checking what T5s they got and making sure my reporting matches, i've had no problems.
"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green
7:05 am
May 22, 2015
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dougjp said
Instead you might want to login to your CRA account and see what T5's THEY receive. As far as I know, that's what they go on.
I also have been re-assessed in previous years for small amounts and with a penalty of course....and it takes 11 months for them to tell me. Since checking what T5s they got and making sure my reporting matches, i've had no problems.
I use gnucash to track my accounts which I update every month. At the end of the year, it computes for me the total interest I've received through the year which is always a bit less then T5s because the banks don't issue T5 if total interest is less then $50 or so. But, I also report what's in T5s sent to CRA.
7:17 am
September 30, 2017
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The assumption "interest under $50 is not reported by FI" is not always true !!! Sometimes, it is difficult to correlate the amount reported on T5. In my case, I got two T5 from Tangerine.
The 1st T5 included interest earned from joint accounts - one joint savings and one joint USD savings. This one I figured out because YTD amounts were on the same December statement.
The 2nd T5 included interest earned from personal accounts. Initially I thought only the savings accounts. However, it actually include $2.94 from the chequing account. This one I learned by phoning in. Now I know.
... next year I expect to see something new. I opened another joint at Tangerine. This one spouse is the primary holder
9:03 pm
October 21, 2013
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I attempted to close out my RSP at Tangerine in 2018, but there was still interest on Jan 1, 2019 - something under $10. I received a tax slip for it as an RSP withdrawal for 2019.
9:36 pm
April 6, 2013
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I don't think there is an "under $50" exemption for T4RSP and T4RIF slips as there is for T5 slips.
However, the exemption for T5 slips just makes them optional when the amount is under $50. The payor can still issue a T5 slip regardless. I've received T5 slips for under $50.
7:08 am
September 11, 2013
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dougjp, that's my strategy too, use MyAccount to give CRA exactly what they're expecting, keeps them happy I've found. I have to wait until April to file my return, T3 slips (e.g. from mutual funds structured as trusts) don't need to be issued until end of March, assuming calendar year-end for issuer, because I'm not confident MyAccount has everything before April.
This year I checked MyAccount and found a T4A listed twice, same thing duplicated, amount fairly large. I phoned fi and asked why did you upload two to CRA instead of one, they looked into it and said they did one and must be CRA problem. I phoned CRA (45 minute wait) and said your computer hiccupped and they said the fi must have sent two. So now CRA has sent it to the "special unit" to find out what happened, I'm guessing it'll take months to resolve. So this year I won't be reporting what they're expecting, probably some grief before it's all sorted out.
As far as I know the under $50 exemption only applies to T5s. Re T3s CRA says: "You do not have to complete a T3 slip for a beneficiary if the income allocated in the year to that beneficiary is less than $100. However, you have to notify the beneficiary of the allocated income since it still has to be reported on the beneficiary's return." "Beneficiary" includes a unit holder of a mutual fund trust.
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