# No slips for bank interest



## agent99 (Sep 11, 2013)

With bank interest rates so low, we received no slips from either of our banks where we have savings accounts and there was nothing on CRA. 

I suppose we could go through bank statements and find out how much was paid. Probably under $50 altogether. I guess we should do that??


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## AltaRed (Jun 8, 2009)

agent99 said:


> With bank interest rates so low, we received no slips from either of our banks where we have savings accounts and there was nothing on CRA.
> 
> I suppose we could go through bank statements and find out how much was paid. Probably under $50 altogether. I guess we should do that??


Indeed you should since it is the law. I do it for all our bank accounts, even for my US domiciled bank account for $2.78 in interest.


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## none (Jan 15, 2013)

Screw this - no slip I don't declare it.


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## P_I (Dec 2, 2011)

If the OP didn't receive a T5 it was probably as they guessed, the amount was under $50. Per CRA Line 121 - Interest and other investment income


CRA said:


> You may not receive a T5 slip if the investment income is less than $50, but you must still report this income.


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## AltaRed (Jun 8, 2009)

none said:


> Screw this - no slip I don't declare it.


Disappointed in that kind of attitude. Imagine if all taxpayers behaved this way.


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## Eclectic12 (Oct 20, 2010)

agent99 said:


> With bank interest rates so low, we received no slips from either of our banks where we have savings accounts and there was nothing on CRA.
> I suppose we could go through bank statements and find out how much was paid. Probably under $50 altogether. I guess we should do that??


Most of my bank statements are electronic so when I download them each month, I plug the interest number into my spreadsheet that is totaling it up.

At tax time, the number is there - ready to go for the accounts that paid too little for a slip. Where a slip was provided - I can double check it.

It is required by CRA so while I know people who skip it, I never understood why it was worth a potential hassle in the future. 


Maybe someday the finance department/CRA will lower the limit as with computers - it's not the manual process that the limit was intended to avoid the work for.

Cheers


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## none (Jan 15, 2013)

exactly - why is it so hard to general a slip. If I got a slip I'd certainly declare it.


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## agent99 (Sep 11, 2013)

We don't keep much cash in bank savings accounts. Added $25 or so to each of our returns and netfiled today. Without a slip to jog me, I almost forgot this. Seems to me we used to get slips for even very small amounts.


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## Eclectic12 (Oct 20, 2010)

none said:


> exactly - why is it so hard to general a slip. If I got a slip I'd certainly declare it.


Who is pushing for a change that the politicos will notice/take action on?




agent99 said:


> We don't keep much cash in bank savings accounts. Added $25 or so to each of our returns and netfiled today. Without a slip to jog me, I almost forgot this. Seems to me we used to get slips for even very small amounts.


For four decades now I can confirm that where the $$$ paid are over the limit, I have received a form, while under means no. 

That's for banks, credit unions, mortgage trust companies etc. 


Cheers


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## AltaRed (Jun 8, 2009)

Eclectic12 said:


> For four decades now I can confirm that where the $$$ paid are over the limit, I have received a form, while under means no.
> 
> That's for banks, credit unions, mortgage trust companies etc.


Indeed. Been the case for a very long time. Nothing new that regular taxpayers should not already know. Ignorance is no excuse.

T3 and T5 slips should come from trusts and brokerages though, regardless of the sum. Example: One dividend of only one stock in a portfolio generates a T5, as does $2 income from a MMF.


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## agent99 (Sep 11, 2013)

AltaRed said:


> Indeed. Been the case for a very long time. Nothing new that regular taxpayers should not already know. Ignorance is no excuse.


Do you know what the limits were historically? As a regular taxpayer, I don't either, and I had to look up current CRA site to find it is now $50.00. I do recall getting a slip for under $10.00 onceor twice from our bank. Once even for a few cents, I believe. So if they are not consistent about the $50 limit, then not surprising some may not even know they earned a little interest in an account. Especially at present near zero rates.


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## AltaRed (Jun 8, 2009)

At one time long ago, I thought the threshold for tax slip reporting was $100 but I am not certain. 

If people reconcile their accounts at all, they'd know if they got interest. That said, no doubt some people do forget (different than knowingly not reporting).


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## like_to_retire (Oct 9, 2016)

AltaRed said:


> .......(different than knowingly not reporting).


I would say anything less than a dollar can be ignored. Even CRA won't work with numbers that are right of the decimal point. They routinely drop the pennies with respect to my booked capital loss figure every year. I always have to go in and edit my spreadsheet to round to the dollar to keep in line with my notice of assessment.

ltr


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## redsgomarching (Mar 6, 2016)

the bank isn't going to spend $$$ to print out these if the CRA says they don't have to and i agree with them, i don't want that cost taking out of my dividend. go do it yourself.


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## Mike-RetireEarly (Feb 28, 2016)

I have a T5 on CRA My Account for TD ASSET MANAGEMENT INC. and no matching T5 on the TDDI website for $5.15 of interest. It looks like its matches my Margin account for reinvested interest from TDB8150 for $5.15 from the monthly statements. Maybe I received a paper copy and misplaced it, but my account is set up for electronic slips. Same thing with my wife's margin account who has $48.12 of interest from TDB8150.

Has anyone else noticed this?


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## OnlyMyOpinion (Sep 1, 2013)

Mike-RetireEarly said:


> I have a T5 on CRA My Account for TD ASSET MANAGEMENT INC. and no matching T5 on the TDDI website for $5.15 of interest. It looks like its matches my Margin account for reinvested interest from TDB8150 for $5.15 from the monthly statements. Maybe I received a paper copy and misplaced it, but my account is set up for electronic slips. Same thing with my wife's margin account who has $48.12 of interest from TDB8150.
> Has anyone else noticed this?


Yes, same for us re/ TDB8150. TDAM sent it to us in the mail, it isn't available on TDW's eServices, and the CRA does have it on their site. It was for around $1500.

Same for a spousal contribution slip - got it in the mail, not on TDW (TDDI) eServices.


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## AltaRed (Jun 8, 2009)

TDDI (the brokerage) does not issue tax slips for assets managed essentially as mutual funds, e.g. ISAs bought/sold like mutual funds. This is likely the same practice everywhere (it is at Scotia and BMO).


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## Spudd (Oct 11, 2011)

AltaRed said:


> TDDI (the brokerage) does not issue tax slips for assets managed essentially as mutual funds, e.g. ISAs bought/sold like mutual funds. This is likely the same practice everywhere (it is at Scotia and BMO).


I got an electronic T5 for my TDB8150 at TDDI. Strange that it seems inconsistent.


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## like_to_retire (Oct 9, 2016)

Spudd said:


> I got an electronic T5 for my TDB8150 at TDDI....


That's surprising. They've always just mailed that one to me (because it's classed as a mutual fund I understood).

I do have it on the CRA site too.

ltr


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## agent99 (Sep 11, 2013)

Eclectic12 said:


> For four decades now I can confirm that where the $$$ paid are *over the limit*, I have received a form, while under means no.


Eclectic,
Seeing you have been doing this for 4 decades, can you let us know what the *actual limits* were over this period? I don't recall there always being a limit, but then my memory ain't that good these days/


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## Eclectic12 (Oct 20, 2010)

AltaRed said:


> Indeed. Been the case for a very long time. Nothing new that regular taxpayers should not already know.


True.




AltaRed said:


> ... T3 and T5 slips should come from trusts and brokerages though, regardless of the sum.


Not true for T5 slips ... when I went looking on CRA's web site for why I wasn't receiving a T5 for my HISA MF while others were posting that they were receiving them, I found the same under $50, no slip but the tax payer is to report it.


Cheers


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## Eclectic12 (Oct 20, 2010)

agent99 said:


> Do you know what the limits were historically?


In the '90's it was $50, where any time I have checked, it has been consistent (not that I checked often).




agent99 said:


> ... I do recall getting a slip for under $10.00 onceor twice from our bank. Once even for a few cents, I believe. So if they are not consistent about the $50 limit, then not surprising some may not even know they earned a little interest in an account. Especially at present near zero rates.


OTOH ... I have never received one for less than $50, despite dealing with at least seven banks, a couple of credit unions, a mortgage trust company etc.

The "inconsistency" looks to me to be more that you seem to have found a financial institution (FI) that produced for every amount. CRA's requirements seems to be consistent, AFAICT.

Don't forget - CRA is not saying the FI can't produce the form, just that they are not required to.


Cheers


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## AltaRed (Jun 8, 2009)

Eclectic12 said:


> Not true for T5 slips ... when I went looking on CRA's web site for why I wasn't receiving a T5 for my HISA MF while others were posting that they were receiving them, I found the same under $50, no slip but the tax payer is to report it.


Interesting. Obviously the practice is not consistent and the taxpayer needs to 'know' his/her accounts.


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## Eclectic12 (Oct 20, 2010)

So far, I am aware of one person who says that they've received a T5 for less than $50.

Personally, with so many receiving their slips electronically and/or downloading the forms filed with CRA - IMO, it's time to remove the "less than $50" exception. I doubt it is high on anyone's radar.


Cheers


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## mordko (Jan 23, 2016)

Just how accurate do I have to be in attributing interest held within a joint account?

Obviously not ideal but right now I have ~35% my wive's and 65% my money in the Tangerine account. Prior to a large lump sum deposit, the account had just ~$9K; guess it was "mine" for tax purposes. Credit card bills will be coming in and charged to this account over the next couple of months. And interest will be accruing on the balance. 

I am keeping the track of all the transfers in and out and who the money "belongs" to. This information is processed and sorted and, at any point in time a Google Sheet document has a record of the percentages attributable to each party. Still, doing attribution on a daily basis would be a bit of a pain. 

- Assume it's OK to attribute based on the approximate average monthly split of funds between the parties? 
- Do I need to keep bank statements as a proof of origin of each and every transfer? 

Thanks.


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## AltaRed (Jun 8, 2009)

I imagine you should keep the bank statements as evidence...which is not a pain in these days of PDF electronic statements. As for accuracy in allocation, I'd suggest that all CRA would look for is 'reasonable' effort, e.g. a monthly allocation. 

After all, for those of us who have recurring USD income from our USD investments, CRA says it is okay to use the average annual BoC forex rate, and when estimating 'max month' CAD equivient for T1135 purposes, it is okay to use month end forex data (both in amounts and forex rate).


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## agent99 (Sep 11, 2013)

Eclectic12 said:


> So far, I am aware of one person who says that they've received a T5 for less than $50.


Obviously haven't read this whole thread 

This thread has run it's course. For me anyway. Thanks for all the input.


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## mordko (Jan 23, 2016)

AltaRed said:


> I imagine you should keep the bank statements as evidence...which is not a pain in these days of PDF electronic statements. As for accuracy in allocation, I'd suggest that all CRA would look for is 'reasonable' effort, e.g. a monthly allocation.
> 
> After all, for those of us who have recurring USD income from our USD investments, CRA says it is okay to use the average annual BoC forex rate, and when estimating 'max month' CAD equivient for T1135 purposes, it is okay to use month end forex data (both in amounts and forex rate).


Thanks. But I assume that if I "accidentally" made 10k in capital gains on Norbert's gambit this year, I cant claim zero gains by using the average annual exchange rate (?)


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## AltaRed (Jun 8, 2009)

mordko said:


> Thanks. But I assume that if I "accidentally" made 10k in capital gains on Norbert's gambit this year, I cant claim zero gains by using the average annual exchange rate (?)


Not sure what your point really is. But to be clear, the average annual forex rate cannot be used for capital transactions... only recurring income. It's an old wives tale where some continue to advise otherwise.


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## mordko (Jan 23, 2016)

Right, that's what I thought. Shame... Thanks.


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## Eclectic12 (Oct 20, 2010)

agent99 said:


> Obviously haven't read this whole thread


Post #11 has yourself talking about receiving a T5 form for less than $50, a couple of times.

Post # 15 is the only other one that is under $50 where the poster guesses they might have missed a paper copy based on an electronic copy through CRA's My Account.
Personally, I suspect this confirms that whether the FI produces a T5 or not, the under $50 amounts are still being passed onto CRA. (Which IMO should give those that aren't bothering to report the small amounts pause for thought.)

Post # 16 confirms a similar setup but indicates the paper copy is for $1500, which is well over the $50 limit. 


So unless I'm missed something ... it's still one person. 

I could be conservative and assume that for post #15, the mailed T5 was missed. Doing so bumps the numbers up to a grand total three people. I can think of a lot more than three people who asked why they weren't receiving a T5 form, without including those on CMF.




agent99 said:


> ... This thread has run it's course. For me anyway. Thanks for all the input.


Fair enough.


Cheers


*PS*

Not that it's life or death or anything critical ... :biggrin:


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## agent99 (Sep 11, 2013)

Eclectic12 said:


> So unless I'm missed something ... it's still one person.


No, it's two. And many more on another forum. So let's just agree that sometimes FIs do send out T5s for less than $50 either in paper form (or electronic form if taxpayer has so chosen). 

Please don't reply. This is getting tiresome.


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