# TDDI mistake on HISA interest income?



## james4beach (Nov 15, 2012)

Looking back at my non-registered monthly statements I'm wondering if TD Waterhouse / TDDI failed to properly report interest income from the HISA vehicle (I held TDB8150). Can anyone else check theirs?

My monthly activity shows $3.29 in reinvested value, which is the mechanism the HISA uses to pay out interest.

However my December statement does not show any interest at all (Year to date). Their Investment Income Summary, which is available in e-services now, also doesn't show any interest income for the year. There is no T5 available yet... it's possible the T5 will have it.

I realize my amounts are trivial but for anyone who held significant amounts in HISA, do you see the same thing?


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## james4beach (Nov 15, 2012)

Additionally, their Investment Income Summary document doesn't have the interest accruing inside GICs either. Is that normal?

Hopefully the T5, when it comes out, will include both the HISA and GIC interest income. I just don't see any evidence of this interest income either in the December statement, or the Investment Income Summary doc


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## pwm (Jan 19, 2012)

I held some TDB8150 also last year, and you are right that the income doesn't show up on their yearly income summary. I hadn't noticed that until now. I got a separate T5 in the mail for the TDB8150 income which surprised me because I'm signed up for eServices and all the other tax statements are online. The mailed T5 was from TD Asset Management instead of TDDI which maybe explains why it wasn't in eServices.


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## pwm (Jan 19, 2012)

Update: I notice that TDB8150 does show up in the Trading Summary report, and also I verified the number on my T5 with a report in Quicken, and the numbers match, so the T5 is correct.


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## james4beach (Nov 15, 2012)

Oh, that's interesting. A separate T5, hmm. And you already received this T5 by mail?

In eservices, do you see any tax slips yet? I only see the Investment Income Summary and Trading Summaries, but I don't see any T5's or T3's yet.


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## james4beach (Nov 15, 2012)

Lucky you, I wish I had my T5's. So far I don't have any tax slips from TD (even in eServices)


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## pwm (Jan 19, 2012)

My T5 and the accompanying summary statements have been in eServices for a week now. My T3s don't show up until mid to late March because of the ETFs I hold. Strange that you don't see your T5 yet.


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## james4beach (Nov 15, 2012)

I just phoned them now, and they said that while some people have gotten T5, there are some delays and some accounts don't have them yet. Feb 20 was their target date but they have encountered delays and some T5's aren't out yet.

Sigh. Why is it so difficult to do my taxes early? Investments are the worst. Those T3s from ETF companies won't even show up until April, I'm sure.


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## Eclectic12 (Oct 20, 2010)

james4beach said:


> Looking back at my non-registered monthly statements I'm wondering if TD Waterhouse / TDDI failed to properly report interest income from the HISA vehicle (I held TDB8150). Can anyone else check theirs?


The year I had it (two years ago?), there was only something like $7 ... so I assumed that I didn't receive a T5 as it was under the reporting limit, similar to not receiving a T5 for a small bank account.




james4beach said:


> ... Why is it so difficult to do my taxes early?
> Investments are the worst. Those T3s from ETF companies won't even show up until April, I'm sure.


If you have to wait anyway for the ETFs ... I'm not sure it's a big issue. Either way, I had no problem figuring out what to report for the HISA compared to trying to guess what a particular tax year's ETF/REIT breakdown would be. :biggrin:


Cheers


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## 0xCC (Jan 5, 2012)

Eclectic12 said:


> If you have to wait anyway for the ETFs ... I'm not sure it's a big issue. Either way, I had no problem figuring out what to report for the HISA compared to trying to guess what a particular tax year's ETF/REIT breakdown would be. :biggrin:
> Cheers


RRSP contribution deadline for claiming against the 2014 tax year is Monday. Knowing roughly what your final income will be after all the T3's and T5's can be helpful for some people (me included) in order to figure out how much to top up the RSP this weekend.


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## Eclectic12 (Oct 20, 2010)

I'm not following why it matters whether one wants to complete the tax return early (the way I read the OP's comment) or one wants to max the RRSP contribution room by the March deadline (your comment).

In both situations - a missing T5 for the HISA where the interest can be read off one's monthly brokerage statement so that it is known to the penny by end of Jan is at worst, a nuisance compared to an investment that won't publish the tax info until mid-March or April, n'est pas?

For the ETF ... one can only look at past history and hope any trends stay in place. 


Cheers


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## 0xCC (Jan 5, 2012)

Eclectic12 said:


> I'm not following why it matters whether one wants to complete the tax return early (the way I read the OP's comment) or one wants to max the RRSP contribution room by the March deadline (your comment).
> 
> In both situations - a missing T5 for the HISA where the interest can be read off one's monthly brokerage statement so that it is known to the penny by end of Jan is at worst, a nuisance compared to an investment that won't publish the tax info until mid-March or April, n'est pas?
> 
> ...


Personally I have owned mutual funds in the past that were not easy to predict what would show up on the T3 or T5 from year to year.

As you point out it isn't generally a huge issue but when trying to tune the RSP contribution so that the balance owing/refund is $0 having unexpected amounts show up on a T3/T5 in late March/April is frustrating.


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## Eclectic12 (Oct 20, 2010)

Personally ... I think the late March/April is a huge issue. 

Unfortunately, unless pressure is put on the gov't to force a change, it is likely to remain that way for a long time to come.

When I noticed that the few investments I held that were sending T forms so late also had a high percentage of the cash paid being taxed as regular income - the triple benefit made an in-kind transfer to my TFSA a no-brainer decision (i.e. cut highest taxed income, reduce bookkeeping and be able to file my tax return months earlier).


Cheers


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## james4beach (Nov 15, 2012)

Yeah the late T3 and difficult ETF distributions are a big issue. It makes tax reporting for ETFs very unpleasant.


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