# QUICK CRA TURNAROUND



## AMABILE (Apr 3, 2009)

I NET FILED my return using UFILE on March 9th

it was speedily processed to-day March 16

depositing my refund dated for Monday March 18


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## james4beach (Nov 15, 2012)

Impressive!


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## MrMatt (Dec 21, 2011)

The turnaround times tend to be pretty good for netfile. 
If you don't want to pay, Studiotax is a nice free option. It looks like the paper forms, I'm a big fan.


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## OnlyMyOpinion (Sep 1, 2013)

Based on last year, I'll still be waiting until the end of March to receive my T5013 slip. :apologetic:


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## AltaRed (Jun 8, 2009)

If a Netfile passes the computer algorithms, and the math is correct, the computer spits out the refund and an NOA. It will correct mathematical errors but it doesn't mean CRA has actually assessed the return. That comes at a later date when computers and personnel comb through returns for anomalies and second checks. It can happen months, or even up to 3 years later.


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## MrMatt (Dec 21, 2011)

AltaRed said:


> If a Netfile passes the computer algorithms, and the math is correct, the computer spits out the refund and an NOA. It will correct mathematical errors but it doesn't mean CRA has actually assessed the return. That comes at a later date when computers and personnel comb through returns for anomalies and second checks. It can happen months, or even up to 3 years later.


They also spot check.
Most years either my wife or I will have a request for a document, they typically want just one. This is not an audit.


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## Rebecca (Aug 10, 2014)

OnlyMyOpinion said:


> Based on last year, I'll still be waiting until the end of March to receive my T5013 slip. :apologetic:


Between my husband and I, we get three T5 slips, so I can never file until the end of March. Grrrrrr!


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## kcowan (Jul 1, 2010)

Rebecca said:


> Between my husband and I, we get three T5 slips, so I can never file until the end of March. Grrrrrr!


I love the delays. I always pay by installments and never get a refund. Usually I consider the current year done when I get to October with no requests for additional submissions.


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## AltaRed (Jun 8, 2009)

kcowan said:


> I love the delays. I always pay by installments and never get a refund. Usually I consider the current year done when I get to October with no requests for additional submissions.


Likewise not interested in refunds and don't file until circa Apr 20th.


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## peterk (May 16, 2010)

Still waiting for that last "first 60 days of RRSP contributions" slip. Bah.


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## 319905 (Mar 7, 2016)

Rebecca said:


> Between my husband and I, we get three T5 slips, so I can never file until the end of March. Grrrrrr!


Fwiw ... I use StudioTax which let's the user create their own e.g. T5's. So if you have the data, say monthly bank interest statements but no T5, no problem ... a bit of work but doable.


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## *PetePerfectMan* (Jan 24, 2019)

It was really quick.


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## fatcat (Nov 11, 2009)

i wait for mutual t3’s and then file around april 1 with simple tax and then on may 1 i take my stuff to my american tax guy and finally sign that in september/october ... i prefer to think of my taxes as an ongoing never ending endeavour


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## Eclectic12 (Oct 20, 2010)

Rebecca said:


> Between my husband and I, we get three T5 slips, so I can never file until the end of March. Grrrrrr!


Sounds like you would benefit from being able to get the T5 forms online? 
Or is this for something specialized?

The bank account T5s for me were available online in Jan and the brokerage T5s were complete by Feb 23rd. There was one GIC T5 from a bank GIC that was received in the mail the first week of March. Once this matures so the funds go into a brokerage account, I expect to have everything towards the end of Feb.




peterk said:


> Still waiting for that last "first 60 days of RRSP contributions" slip. Bah.


If you are netfiling and have can see the contribution in the RRSP account it was contributed too, with a "first 60 days" transaction date, I'm not sure why you'd wait for the slip.

If online copies are an option, my two "first 60 days of RRSP contributions" slips arrived by mail last week where the online copies were available two days and seven days after the RRSP contribution was made.


Cheers


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## Eclectic12 (Oct 20, 2010)

rikk2 said:


> Fwiw ... I use StudioTax which let's the user create their own e.g. T5's. So if you have the data, say monthly bank interest statements but no T5, no problem ... a bit of work but doable.


I think all tax software let's one create one's own forms (ex. T5's, T4's, T3's etc.) but have never verified this. :biggrin:

Bank T5s for bank account interest should be simple. GIC interest may be more difficult to figure out for a compound GIC (i.e. not an annual payment). Eligible dividends would also be more of a challenge to figure out what amounts to put where ... but probably not impossible.


Cheers


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## Rebecca (Aug 10, 2014)

rikk2 said:


> Fwiw ... I use StudioTax which let's the user create their own e.g. T5's. So if you have the data, say monthly bank interest statements but no T5, no problem ... a bit of work but doable.


Thanks, that's good to know. Studio Tax is also my program of choice, so I'll look into that. It's almost the end of March now though, so I may decide to just wait. Thanks again!


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## Rebecca (Aug 10, 2014)

Eclectic12 said:


> Sounds like you would benefit from being able to get the T5 forms online?
> Or is this for something specialized?
> 
> The bank account T5s for me were available online in Jan and the brokerage T5s were complete by Feb 23rd. There was one GIC T5 from a bank GIC that was received in the mail the first week of March. Once this matures so the funds go into a brokerage account, I expect to have everything towards the end of Feb.
> ...


All of the T5 slips are for dividend income. I looked on Investorline and iTrade, but neither had the slips when I checked about a week ago. I suppose I should check again. Thanks!


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## AltaRed (Jun 8, 2009)

T5s were posted on iTrade in February. I received two T5s on Feb 4th and one on Feb 19th.

My BMO IL T5 was posted on March 1st.

Assuming of course, you have elected for electronic delivery. But even if you didn't, snail mail would have gotten them to you a long time ago.


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## 319905 (Mar 7, 2016)

Rebecca said:


> Thanks, that's good to know. Studio Tax is also my program of choice, so I'll look into that. It's almost the end of March now though, so I may decide to just wait. Thanks again!


A short story ... we were waiting for one of my wife's T5s, decided to just go tally up the monthly interests. Discovered only 12 months of statements were held/available on line and so by then we she was missing January 2018. She called, found out ... something I'd completely forgotten about ... for amounts less than $50 no T5 is issued (the account is used for temporary transfers). As mentioned, just a short story ... about us waiting around, by not looking into it, for something that just wasn't gonna happen. Enjoy the day :hopelessness:


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## Eclectic12 (Oct 20, 2010)

Rebecca said:


> All of the T5 slips are for dividend income. I looked on Investorline and iTrade, but neither had the slips when I checked about a week ago ...


As rikk2 mentions, are the totals over $50?
If not, you are waiting for something that won't come. :biggrin:


You make it sound like this has happened many times so I'm guessing the funds are over $50. 
If they are, I'd be calling to find out what happened as CRA says that these have to be produced is the last day of Feb.
https://www.canada.ca/en/revenue-ag...ent-income-t5/t5-information-return/date.html

(CRA calls the combination of the T5 slip with the summary info a "T5 Information Return" for some reason.


Even if they were mailed out, it is long past when they should have been received.




AltaRed said:


> T5s were posted on iTrade in February. I received two T5s on Feb 4th and one on Feb 19th.
> My BMO IL T5 was posted on March 1st.
> 
> Assuming of course, you have elected for electronic delivery. But even if you didn't, snail mail would have gotten them to you a long time ago


Which is similar to my experience.

And why I'd be calling to find out what is going on.


Cheers


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## Rebecca (Aug 10, 2014)

AltaRed said:


> T5s were posted on iTrade in February. I received two T5s on Feb 4th and one on Feb 19th.
> 
> My BMO IL T5 was posted on March 1st.
> 
> Assuming of course, you have elected for electronic delivery. But even if you didn't, snail mail would have gotten them to you a long time ago.


From BMOIL, I received a T5/NR4 Summary of Investment Income, and a letter indicating that I had a couple of investments that would be reporting my income by the end of March. Fortis was one item listed. I see only one T5 in the iTrade account, and that one won't open. I know that I can call to see why it won't, but since I'm still waiting on BMOIL, I will worry about that one later on. Thanks for sharing your experience.


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## Rebecca (Aug 10, 2014)

rikk2 said:


> A short story ... we were waiting for one of my wife's T5s, decided to just go tally up the monthly interests. Discovered only 12 months of statements were held/available on line and so by then we she was missing January 2018. She called, found out ... something I'd completely forgotten about ... for amounts less than $50 no T5 is issued (the account is used for temporary transfers). As mentioned, just a short story ... about us waiting around, by not looking into it, for something that just wasn't gonna happen. Enjoy the day :hopelessness:


Thanks for reminding me about that. It doesn't apply in my case, but is sure to be helpful to others.


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## AltaRed (Jun 8, 2009)

I think brokerages issue T5s for stock dividends no matter how little the dividends are... because of the DTC calculation. Just like I think mutual funds issue T3s for small amounts of fund distributions because of type of income that taxpayers need to allocate to the right locations.

I've also gotten T5s from iTrade in the past for as little as $12 interest from cash held in account.... different from banking institutions that don't issue T5s for under $50 interest. It is pretty easy for a taxpayer to add up 12 months of interest from bank accounts with some institutions (not necessarily the big banks) even put 'interest earned in XX' on the December statement.


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## Rebecca (Aug 10, 2014)

Eclectic12 said:


> As rikk2 mentions, are the totals over $50?
> If not, you are waiting for something that won't come. :biggrin:
> 
> 
> ...


Yes, it happens regularly, but they all arrive by the end of March. I'm sure that I saw information on the CRA site though, that said some T5's aren't due until March 31st. Thanks for the reply.


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## AltaRed (Jun 8, 2009)

Rebecca said:


> Thanks for reminding me about that. It doesn't apply in my case, but is sure to be helpful to others.



Are you looking under the right tabs in iTrade and BMO IL for 'Tax Documents'? 

In BMO IL you have to go into Portfolio, eDocuments, then click on Tax Documents.... and it should display 2018 by default.

In Scotia iTrade, you click on Tax Documents, then have to select Scotia "iTrade and Scotia Macleod" to get iTrade tax documents.


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## Rebecca (Aug 10, 2014)

AltaRed said:


> Are you looking under the right tabs in iTrade and BMO IL for 'Tax Documents'?
> 
> In BMO IL you have to go into Portfolio, eDocuments, then click on Tax Documents.... and it should display 2018 by default.
> 
> In Scotia iTrade, you click on Tax Documents, then have to select Scotia "iTrade and Scotia Macleod" to get iTrade tax documents.


Yes, that is what I did and there are some other documents there in both accounts.


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## AltaRed (Jun 8, 2009)

Rebecca said:


> Yes, that is what I did and there are some other documents there in both accounts.


Other documents such as? Trying to help you out here....


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## Eclectic12 (Oct 20, 2010)

Rebecca said:


> From BMOIL, I received a T5/NR4 Summary of Investment Income, and a letter indicating that I had a couple of investments that would be reporting my income by the end of March. Fortis was one item listed. I see only one T5 in the iTrade account, and that one won't open. I know that I can call to see why it won't, but since I'm still waiting on BMOIL, I will worry about that one later on. Thanks for sharing your experience.


Strange ... T5 forms for regular companies such as Fortis have arrived ... or I should say, are available online by the end of Feb consistently.




Rebecca said:


> Yes, it happens regularly, but they all arrive by the end of March. I'm sure that I saw information on the CRA site though, that said some T5's aren't due until March 31st.


The exceptions I have been able to find for T5 forms are when the amount is less than $50 and for accrued interest prior to 1990 (could be three years worth on the T5, unless the investor elected for annual reporting). The accrued interest exception disappeared as for 1989 and later, reporting yearly accrued interest on a T5 form was mandated.

I'll have to go through the more detailed directions to financial institutions when I get more time but this shortened version does not mention exceptions the end of Feb deadline.
https://www.canada.ca/en/revenue-ag...ent-income-t5/t5-information-return/date.html


I know Fortis was mentioned but I am wonder what other companies are on the list for this year or have been seen in other years?


Cheers


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## Rebecca (Aug 10, 2014)

AltaRed said:


> Other documents such as? Trying to help you out here....


I have the T5 that won't open in iTrade, and the T5RL-3NR4 and a "List of Pending Tax Documents".


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## AltaRed (Jun 8, 2009)

Rebecca said:


> I have the T5 that won't open in iTrade, and the T5RL-3NR4 and a "List of Pending Tax Documents".


The documents are PDFs that you download to your PC/phone, as in 'Save File' or whatever the dialog box tells you, and then open with your PDF software once it is on your machine.


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## Eclectic12 (Oct 20, 2010)

My broker uses PDF files as well. The options are to download as separate PDF files or tick the boxes so that if five PDFs are selected, they are merged into one bigger PDF then saved locally.

Whether it is a PC, tablet or phone - when PDF software is installed, the association is made. The part about on T5 form being there but "it won't open" suggests that software to read the PDF is corrupted or missing.
Can other PDFs be opened on the device?


Cheers


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## like_to_retire (Oct 9, 2016)

To load software that reads PDF files, click HERE for Adobe Acrobat Reader.

ltr


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## Rebecca (Aug 10, 2014)

This happens every year though, so I'm used to waiting for the slips. They always arrive - eventually. Thanks all for the help and suggestions.


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## AltaRed (Jun 8, 2009)

Rebecca said:


> This happens every year though, so I'm used to waiting for the slips. They always arrive - eventually. Thanks all for the help and suggestions.


If you have signed up to get them electronically online, you won't be getting paper copies.


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## Rebecca (Aug 10, 2014)

I will let you know how they arrive, when I get them at the end of the month.


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## AltaRed (Jun 8, 2009)

Rebecca said:


> I will let you know how they arrive, when I get them at the end of the month.


T5s were issued a long time ago.... They are not coming at the end of the month. Only T3s will be issued at the end of March.


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## like_to_retire (Oct 9, 2016)

AltaRed said:


> T5s were issued a long time ago.... They are not coming at the end of the month. Only T3s will be issued at the end of March.


I haven't received my T5 from TDAM for TDB8150 HISA yet. I figured they'd send it by months end, but maybe not? It'll be in the hundreds for sure.

ltr


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## OnlyMyOpinion (Sep 1, 2013)

Yes, my T5 from TDAM for TDB8150 interest comes by mail but I haven't seen it yet either. It is not made available online at TDDI. I also just checked MyAcc-CRA and its not there yet either.


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## like_to_retire (Oct 9, 2016)

OnlyMyOpinion said:


> Yes, my T5 from TDAM for TDB8150 interest comes by mail but I haven't seen it yet either. It is not made available online at TDDI. I also just checked MyAcc-CRA and its not there yet either.


Since it comes from TDAM rather than TDDI, I figure the T5 is generated when they produce the T3's and maybe they mail them all at once? It's just that in other years it came at the end of February.

ltr


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## Eclectic12 (Oct 20, 2010)

Interesting ... I haven't had enough TDB8150 interest yet to produce a T5. If it is that late, I expect I will check for some sort of exemption for MF companies and then complain about it.


Regardless ... the OP's missing T5 is for at least Fortis. I can't recall a common stock company that the my broker was late for providing a T5 that included it.



Cheers


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## AltaRed (Jun 8, 2009)

AltaRed said:


> T5s were issued a long time ago.... They are not coming at the end of the month. Only T3s will be issued at the end of March.


For Scotia iTrade clients (and Rebecca), the T3 has just been issued (PDF) online. Downloaded it this morning and input it to my tax return. Only BMO IL yet to release their T3 and it could be on Mar 31st (they didn't release their T5 until Mar 1).


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## Eclectic12 (Oct 20, 2010)

For TDDI, one T3 covering a single company was made available online on March 13th. 

Waiting on three more companies ... though CDS Innovations has generic T3 forms (i.e. per unit/share) for all three companies. 
https://services.cds.ca/application...s/-EN-LimitedPartnershipsandIncomeTrusts?Open


Cheers


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## AltaRed (Jun 8, 2009)

Never heard of a brokerage doing that. Scotia and BMO IL put them all on one T3 along with a Summary document itemizing distributions by holding.


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## OnlyMyOpinion (Sep 1, 2013)

Just received our T3 for TDB8150 in the mailbox today.

TDDI does the T3 for trust/unit income oddly. We have a T3 for HMMJ, at the bottom of the summary document, it says that BEI.UN, CSH.UN and SRU.UN have not yet reported and to expect additional tax documents with regard to them. (no longer hold HMMJ, sold it last Sept) 
I can't recall for certain, but I believe they update/amend the T3 to include the additional info, not issue a second T3.


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## like_to_retire (Oct 9, 2016)

OnlyMyOpinion said:


> Just received our T3 for TDB8150 in the mailbox today.
> 
> TDDI does the T3 for trust/unit income oddly. We have a T3 for HMMJ, at the bottom of the summary document, it says that BEI.UN, CSH.UN and SRU.UN have not yet reported and to expect additional tax documents with regard to them. (no longer hold HMMJ, sold it last Sept)
> I can't recall for certain, but I believe they update/amend the T3 to include the additional info, not issue a second T3.


Huh? 

TDB8150 tax slip is a T5, not a T3.

ltr


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## AltaRed (Jun 8, 2009)

OMO, that can be dangerous, i.e. amending, but as long as they clearly say amended, it is the second best solution (holding off issuing the T3 until all data available is the best solution).

P.S. If there is any ROC on HMMJ T3, remember to first reduce your ACB by that amount before you enter Cost of Acquisition on Schedule 3. I have to wait for the T3 on AAR.UN to come via BMO IL before I can enter cost of acquisition into my Schedule 3 (Pure Industrial REIT got acquired last year for cash).


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## OnlyMyOpinion (Sep 1, 2013)

like_to_retire said:


> Huh?
> TDB8150 tax slip is a T5, not a T3.
> ltr


Sorry LTR, you are correct. I didn't look closely enough. The T3 from TDAM was for TDB3085 (in spite of shedding it for a few years now).


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## Eclectic12 (Oct 20, 2010)

AltaRed said:


> Never heard of a brokerage doing that. Scotia and BMO IL put them all on one T3 along with a Summary document itemizing distributions by holding.


Used to be worse when XIC reported well after the REITs. Then it was three T3 forms with matching summary documents.

In the last decade, 2017 is the only year with a single T3 form. All other years are two or more T3 forms.


Most years there are two T5 forms with matching summary documents.



Cheers


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## OnlyMyOpinion (Sep 1, 2013)

AltaRed said:


> OMO, that can be dangerous, i.e. amending, but as long as they clearly say amended, it is the second best solution (holding off issuing the T3 until all data available is the best solution).
> 
> P.S. If there is any ROC on HMMJ T3, remember to first reduce your ACB by that amount before you enter Cost of Acquisition on Schedule 3. I have to wait for the T3 on AAR.UN to come via BMO IL before I can enter cost of acquisition into my Schedule 3 (Pure Industrial REIT got acquired last year for cash).


Yes, good point. We only owned HMMJ ~4mos. It had no roc. T3 reports primarily other income and foreign non-bus inc.

On the subject of another tax slip: I was waiting for a T4(RIF) from BMO. Proceeds of ~$9k were paid into an estate last year and should be reported in Box 18 (deceased annuitant) of aT4RIF as far as I can tell (and as CIBC, Manulife and London life reported). I called the bank mgr today, neither they or the main office have any record of a T4RIF being issued or pending. 
So I'll include a copy of the last RRIF statement with the Final tax return and a note to the effect that the RIF was collapsed, a cheque received by the estate, and the amount is being reported on line 130 of the Final return.


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## like_to_retire (Oct 9, 2016)

Just received my T5 from TDAM for TDB8150 HISA in the mail today. How archaic - snail mail.

Guess I can start my taxes and see how much I owe.

ltr


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## Eclectic12 (Oct 20, 2010)

AltaRed said:


> OnlyMyOpinion said:
> 
> 
> > ... I can't recall for certain, but I believe they update/amend the T3 to include the additional info, not issue a second T3.
> ...


I don't believe it is an amended T3 but two separate T3 forms.

Where I have four companies that fit needing to send a T3 form, company A through D - the first T3 form is for company A. The summary document breaks down the types by date, gives the totals and has a note that companies B, C and D still have to report. The second T3 form on it's summary document has under each company of B, C and D the dates and a rolled up total. No mention of company A at all. No mention that this is an amended T3 form that is replacing the first T3 form.

When I downloaded the forms CRA had - there were separate T3 forms for company A, B, C and D.


Cheers


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## Mechanic (Oct 29, 2013)

Just downloaded and printed another T3 today from Itrade. Should have everything by the end of March, so won't be able to go to the accountant and get corporation and personal taxes prepared until next month


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## Yasehtor (Oct 12, 2018)

OnlyMyOpinion said:


> Based on last year, I'll still be waiting until the end of March to receive my T5013 slip. :apologetic:


That's pretty common as they the deadline to file them is March 31st.


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## NorthernSlave (Oct 21, 2018)

I've had a good turn around with some of the taxes I just filed as well. Filed 13th assesed on 21st and due to process on 28th


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## OnlyMyOpinion (Sep 1, 2013)

CRA site has been inaccessable all day. First very slow freezing, now won't even allow a login. "This service not available at this time".
If they can f up the payroll system, I suppose nothing should surprise us.


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## OnlyMyOpinion (Sep 1, 2013)

CRA apologizes, online services are down


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