# How to Fill out Schedule 4 No T5



## taxtax (Feb 25, 2015)

I have an online self-directed trading account.

I didn't sell any stocks and as such have no capital gains.

I have no Canadian stock dividends.

I received 40$ in US dividends.

As the amount was less than 50$ I was not issued a proper T5 but a summary.

Turbo Tax won't allow me to enter the amount directly in line 121.

It wants me to fill out schedule 4. 

My question is, if I fill out schedule 4, do I need to list each stock individually that paid me a dividend and on what dates?

Or is there a simpler way to enter this info as the total for line 121 should be 44.20 CDN. 

Thanks.


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## Video_Frank (Aug 2, 2013)

My wife had a similar situation last year - foreign dividends without a T5. We used uFile, not Turbo Tax, and simply entered the data we had under 'foreign income'. RevCan asked to see details, since it was part of a claim for recovery of withholding taxes, and they accepted it.


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## taxtax (Feb 25, 2015)

Thanks for your reply. Was this on schedule 4 or just a foreign income option on the software?

I don't care if I get credited with the witholding taxes as those were only 9$. I just want the simplest way to report these div's to Revenue Canada so I don't get in trouble essentially.


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## AltaRed (Jun 8, 2009)

TurboTax and UFile handle things differently so you need a TurboTax user to comment. 

UFile handle things through a data entry format, which then places it appropriately on Schedule 4.


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## My Own Advisor (Sep 24, 2012)

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/121/frgn-eng.html

You should complete/check the TurboTax prompt about foreign income, then it should allow you to complete line 121.


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## OhGreatGuru (May 24, 2009)

How TurboTax handles it I don't know, but the poster above (My Own Advisor) seems to have the answer. 

I would assume you should prepare a statement for the dividend income and foreign taxes paid, based on the info in your on-line account; and keep it on file with all your tax slips in case CRA asks for it.

To answer your question about entering each trade, or a total. You need to have some kind of supporting statements for your files showing how the total was arrived at, since you are doing your own accounting. But you should only have to enter the total on Schedule 4.


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## taxtax (Feb 25, 2015)

OhGreatGuru said:


> It should be on line 121, not Schedule 4. See:
> http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/121/frgn-eng.html
> 
> How TurboTax handles it I don't know, but the poster above (My Own Advisor) seems to have the answer.
> ...


My online account did give me a t5/nra but it is just a summary of the dividends paid and dates etc not an official T5. If I keep that on hand I can send it in. When filing with software do you need to enter dividends for each stock (. e.g. microsoft dividends of 12.54 on mar.14) or just the total amount of foreign dividends and then wait fro CRA to follow up if they do decide to do so?


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## taxtax (Feb 25, 2015)

My Own Advisor said:


> http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/121/frgn-eng.html
> 
> You should complete/check the TurboTax prompt about foreign income, then it should allow you to complete line 121.


Will you be allowed to enter it directly on line 121 then? 

My issue is essentially that a relative does my taxes on turbo tax and was unable to enter the amount I gave him directly on line 121 and it took him to schedule 4 when he tried to do so.


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## My Own Advisor (Sep 24, 2012)

@taxtax,

You'll have to go through the "Profile" questions, make sure you check the prompt when it asked about dividends/foreign dividends not provided on a T5. Then, later, the software should prompt you for your amount to enter. That amount to enter will eventually show up on line 121.

I don't think you can enter items manually in TurboTax....you used to, but I could be wrong.


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## OhGreatGuru (May 24, 2009)

If you read Schedule 4, the amount in Part II is to be transferred to Line 121. So I would assume any software program will require you to fill in Schedule 4.


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## taxtax (Feb 25, 2015)

taxtax said:


> Will you be allowed to enter it directly on line 121 then?
> 
> My issue is essentially that a relative does my taxes on turbo tax and was unable to enter the amount I gave him directly on line 121 and it took him to schedule 4 when he tried to do so.


Thanks this makes sense. 
Do you know if you are required to enter the name of each stock for each quarter and the separate amounts paid each time or just the entire amount? It would seem like a lot of work to enter this all in the program when I could just enter the total 44.20$.


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## taxtax (Feb 25, 2015)

My Own Advisor said:


> @taxtax,
> 
> You'll have to go through the "Profile" questions, make sure you check the prompt when it asked about dividends/foreign dividends not provided on a T5. Then, later, the software should prompt you for your amount to enter. That amount to enter will eventually show up on line 121.
> 
> I don't think you can enter items manually in TurboTax....you used to, but I could be wrong.


Meant to quote this not myself


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## taxtax (Feb 25, 2015)

Relatedly, there is a nr4/T5 in my online account from questrade but it looks nothing like the real t5 on the CRA website and has none of the boxes or line numbers that a normal t5 has that make it possible to easily enter into tax software. I assume this is because my foreign income was under 50$ and this is not a proper T5 or I am missing something


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## My Own Advisor (Sep 24, 2012)

Correct...most banks and brokerages don't issue a T-slip before $50 CDN.


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## taxtax (Feb 25, 2015)

OhGreatGuru said:


> How TurboTax handles it I don't know, but the poster above (My Own Advisor) seems to have the answer.
> 
> I would assume you should prepare a statement for the dividend income and foreign taxes paid, based on the info in your on-line account; and keep it on file with all your tax slips in case CRA asks for it.
> 
> To answer your question about entering each trade, or a total. You need to have some kind of supporting statements for your files showing how the total was arrived at, since you are doing your own accounting. But you should only have to enter the total on Schedule 4.


Should I send those supporting statements to the CRA after e-filing or only if they request them?


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## My Own Advisor (Sep 24, 2012)

No supporting statements are required unless CRA asks for them.


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## banjopete (Feb 4, 2014)

My Own Advisor said:


> Correct...most banks and brokerages don't issue a T-slip before $50 CDN.


I'm waiting on T5's from Canstockta but my dividends would be under these amounts for the ones I'm waiting for specifically. Does this mean I don't need to report the few single dollars here and there outside my registered accounts? I suppose the correct thing to do would be to look up the amounts and enter them as much as possible but this means figuring out what's eligible and what's not and what's a return of capital etc?


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## banjopete (Feb 4, 2014)

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

Okay, from the CRA website. Not much interpretation needed there.


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## AltaRed (Jun 8, 2009)

Yes, it is clear that one must report ALL income whether a tax slip is issued or not. I have reported 60 cents of interest on a US domiciled bank account (no tax slip issued).


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