# T5 Statement of Investment Income AND 1099-DIV



## jrsaballa (Nov 22, 2015)

Do I get both of these from US and Canada government at the same time? between february and march 2016?


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## Eclectic12 (Oct 20, 2010)

My understanding is the respective gov'ts set the rules plus define the form (ex. CRA for T5 & T3, IRS for 1099-DIV).
It is one's broker or trustee that fills in the form and sends it (or makes it available via the web).

The timing varies depending on the deadlines plus when the underlying company reports their numbers. 

For example, something like an ETF that reports later, I've been granted online access to that form as late as mid-April where the Canadian tax return is due April 30th. Investments that are more run of the mill such as an eligible dividend paying bank stock, the broker has made available the T5 as early as mid-Feb


The one US stock I have that is held at a trustee has emailed their forms quarterly through the year. I'm not sure what the US deadlines are. Perhaps someone with US stock at a Canadian broker can comment.


Cheers


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## jrsaballa (Nov 22, 2015)

Are you saying it's variable when we get our T1 Schedule 4's in the mail?


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## Eclectic12 (Oct 20, 2010)

YMMV ... when I had only a couple of stocks paying only eligible dividends, one T5 form would arrive in the mail around the middle of March.

Now I have a range of investments that result in T5s and T3s. Delays due to mail have been removed as my broker allowed me to signup for online access. 


Cheers


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## P_I (Dec 2, 2011)

jrsaballa said:


> Are you saying it's variable when we get our T1 Schedule 4's in the mail?


A T1 - Schedule 4 - Statement of Investment Income is something you file with your tax return, no one (except perhaps your accountant) mails it to you. 

Some of the information you need to complete it comes from information slips from financial institutions/businesses. CRA sets the deadlines on when those slips need to be sent out, which is covered in Important dates for businesses - Returns | CRA. A common one for investors that CRA doesn't list there is the T3 - Statement of Trust Income Allocations and Designations (slip), which is covered by When to file your T3 return. For public market investors, the deadline is around the end of March, which is 90 days from year end.

The OP seems to have many tax related questions strewn across multiple topics. Might I suspect a starting point would be CRA's Completing a tax return, which contains links to various forms and guides necessary for the investors.


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## jrsaballa (Nov 22, 2015)

CRA's Completing a tax return is not truly helpful

just vagueness if you've never done a tax return before

FOR INSTANCE, foreign dividend income, it should be part of "other income" but that's not even mentioned there.


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## AltaRed (Jun 8, 2009)

Have you really read this? http://www.cra-arc.gc.ca/E/pub/tg/5000-g/README.html Page 11 and 17 provide insight. The T5 you get from your brokerage will list all the dividend income from foreign sources and tell you which line to put that in on your tax return.

This guide along with your tax slips, and tax software like UFile, Turbotax, StudioTax, etc. is all you need to complete a Canadian tax return. Failing that, employ a tax accountant come tax time.

Added: There could be value in having your first tax return done by an accountant. Then you can see how it all comes togetheer, i.e. data on the tax slips and where it goes in the tax return.


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## Numbersman61 (Jan 26, 2015)

Since you own US stocks and U.S. Limited partnership interests, your tax return will be much more complicated and you likely should use a tax accountant who specializes in cross border tax. I' m a retired CA who has taken numerous tax courses but avoid investing in U.S. Entities because of the increased complexity. You haven't mentioned the size of your U.S. Investments but if total cost is over $100 thousand Canadian, you must file form 1135.


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## RCB (Jan 11, 2014)

jrsaballa said:


> CRA's Completing a tax return is not truly helpful
> 
> just vagueness if you've never done a tax return before
> 
> FOR INSTANCE, foreign dividend income, it should be part of "other income" but that's not even mentioned there.


Actually, completing tax forms with a pencil, eraser and calculator is extremely helpful in understanding both how you are taxed, and therefore how to plan.

It appears you are attempting to gain advanced knowledge, while skipping the basic knowledge required first. You can either learn it yourself, proactively seek out an accountant for tax planning, or screw yourself.


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