# Newbie trying to properly do his taxes...



## willpower (Feb 18, 2015)

Hello everyone,

I started last year to invest in a regular questrade margin account.

I bought shares from 5 different companies. 

I did not sell any of my shares in 2019as such I don't have any gain/loss.

I did receive dividends from some of the above companies.

Now I'm trying to do my taxes. Every other bank I deal with sent me T5s for the interest I made. So far I didn't receive anything from Questrade.

What can I expect to get ?(If any). Will I still get a if I did not sell anything T5008?

It's my understanding that I have to report the dividends I received as income. Will I get a T5 ?

Sorry for all the questions... I'm a bit confused. I would be ready to do my taxes if it was not from this account.

Thanks again for your help.


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## Money172375 (Jun 29, 2018)

Is this taxable non-reg account? Tax slips for dividend income won’t be sent if it’s an rsp or tfsa.

Deadline is feb 28 for T5 slips to be mailed. Dividend earned in non-reg account should appear on the T5. T5008 is only involved when you sell securities and really should be relied on fully for cost calculations. They may not produce slips if income is less than $50.

I would probably contact QT if it is indeed a non-reg account.

Ps. Have you checked online under “reports” to see if it’s available to be printed. I’m not a QT customer....perhaps they don’t mail the slips....they just make them available for download.


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## willpower (Feb 18, 2015)

Thanks for your reply. Yes non-registered account. Yes I looked online under reports and tax reports but nothing.

So if I had dividends I should get a T5 right?


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## AltaRed (Jun 8, 2009)

Yes. As noted, it does not have to issued until Feb 28. Look for it early next week. 

No need to be in a major rush to file taxes.


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## Eclectic12 (Oct 20, 2010)

willpower said:


> ... I bought shares from 5 different companies.
> I did not sell any of my shares in 2019as such I don't have any gain/loss.
> I did receive dividends from some of the above companies ...
> 
> What can I expect to get ?(If any).


Depends on what the income the five stocks paid and whether any of them paid mixed income instead of 100% dividends.

Say that one stock paid no income, three paid 100% eligible dividends while the last one paid mixed income.

The first stock won't be on any T slips. The 100% eligible dividends will be on a single T5 slip if Questrade rolls everything up. If not, it might be two or three T5 slips. The last stock will be on a T3 slip that lists how much was eligible dividends, how much was return of capital and whatever else types of income was paid.

The T5 slips have to be produced by last day of Feb. They might be produced earlier but if mailed, that will delay receiving them. I signed up for online access from my brokerage to the tax slips. About three quarters of my dividend paying stock is on the first T5, that was made available online Feb 11th and the remaining quarter is on a separate T5 slip that was available Feb 21st.

The T3 slip have to be produced by ninety days after the trust's year end ... which is usually end of March. I again get two of them. The bulk are on the first T3 slip in mid-March and the remainder on the second T3 slip towards the end of March.

T5 and T3 slips usually cover all of the investment income.




willpower said:


> Will I still get a if I did not sell anything T5008?


IIRC, I have gotten a T5008 in years I didn't sell anything. The deadline for producing a T5008 March 2nd so I should know then as 2019 was a tax year I didn't sell anything.


Questrade tax slips info ... https://www.questrade.com/docs/default-source/downloads/faqs_tax.pdf
Questrade 2018 slip schedule ... https://media.questrade.com/downloads/accounts/tax_slips_calendar.pdf

CRA's description of tax slips ... https://www.canada.ca/en/revenue-ag...turn/tax-slips/understand-your-tax-slips.html


Note that where the amount is less than fifty dollars, the FI does not have to produce a T5 but one still have to report the appropriate numbers. I used CRA's "My Account for Individuals" to check for my T4 form and noticed a T5 that was filed for $12.89 that I know I won't be mailed a copy of and it won't be included in the online list of tax info available for download.

https://www.canada.ca/en/revenue-ag...services-individuals/account-individuals.html


Cheers


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## willpower (Feb 18, 2015)

Awesome guys. Thanks for your valuable replies. Much appreciated!


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## AltaRed (Jun 8, 2009)

Never heard of a T5008 if nothing was sold.

Good point about T5 versus T3. The OP did say stocks but he may have also meant trusts with a .UN designation too. Trusts issue distributions, not dividends.


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## newfoundlander61 (Feb 6, 2011)

I deal with CIBC Investors Edge and last year my T5 was mailed to my place with a letterhead dated 25 Feb, so it should arrive over the next week or so. Most likely most brokers are similar unless you have it setup to be able to access it online when logged into to your trading account. Instead of posting a new thread I will ask a question about the T5, on mine last year the box 18 "Capital Gains Dividends" if I were to sell a stock at some point will the ACB be in this box. I keep track of everything myself but was curious about that. Thanks.


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## like_to_retire (Oct 9, 2016)

newfoundlander61 said:


> Instead of posting a new thread I will ask a question about the T5, on mine last year the box 18 "Capital Gains Dividends" if I were to sell a stock at some point will the ACB be in this box. I keep track of everything myself but was curious about that. Thanks.


No, box 18 is not your ACB - it's capital gains or losses that the company is passing onto you. It's entered on schedule 3 line 17400.

Most financial institutes are supplying ACB on their T5008 slips, but it's ultimately up to you to make the ACB calculations yourself as mistakes are often made by the FI's on this number.

ltr


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## AltaRed (Jun 8, 2009)

There is no ACB posted on T5 or T3 tax slips.


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## newfoundlander61 (Feb 6, 2011)

Thankyou kindly, appreciate it.


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## newfoundlander61 (Feb 6, 2011)

like_to_retire said:


> No, box 18 is not your ACB - it's capital gains or losses that the company is passing onto you. It's entered on schedule 3 line 17400.
> 
> Most financial institutes are supplying ACB on their T5008 slips, but it's ultimately up to you to make the ACB calculations yourself as mistakes are often made by the FI's on this number.
> 
> ltr


Thankyou, very helpful.


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## Eclectic12 (Oct 20, 2010)

AltaRed said:


> Never heard of a T5008 if nothing was sold ...


It is possible that I am remembering the bogus HISA MF sells on the T5008 instead of getting a T5008 when nothing was sold. I'll know in the next week or so. :biggrin:




AltaRed said:


> ... Good point about T5 versus T3. The OP did say stocks but he may have also meant trusts with a .UN designation too. Trusts issue distributions, not dividends.


With everything being in a registered account plus questions about tax slips, it is possible that cash received is assumed to all be dividends. I know it's a mistake I made a long time ago. :rolleyes2:

For completeness, T3 slips are not limited to trusts as REITs and ETFs also are called stocks where they typically pay mixed income.


Cheers


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## Eclectic12 (Oct 20, 2010)

newfoundlander61 said:


> AltaRed said:
> 
> 
> > There is no ACB posted on T5 or T3 tax slips.
> ...


Keep in mind that there are two sources of CG. 

There is income paid ... which is what is recorded on a T5 or more frequently, on T3. This type can be cash or non-cash (aka re-invested capital distribution or phantom distribution).

There is from selling an investment ... which is the more common version written about and needs the ACB to make the calculation.


Since the CG was reported on a T5, it is the income type which does not involve the ACB.



Cheers


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## AltaRed (Jun 8, 2009)

Eclectic12 said:


> For completeness, T3 slips are not limited to trusts as REITs and ETFs also are called stocks where they typically pay mixed income.
> 
> 
> Cheers


Agreed I should have said trusts that include those with .UN designations like REITs and income funds, and trusts like ETFs. All of these are trust structures.

I did say I don't know of a T5008 being issued if there were no asset sales. ISAs and MMFs are asset sales even if they do not have cap gains or losses, although technically ISAs are deposits and shouldn't show on T5008 slips.


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## newfoundlander61 (Feb 6, 2011)

I just discovered today that my T5 from CIBC Investors Edge is viewable when logged int myaccount via CRA. Doesn't appear to be a down loadable form like the one mailed but if you needed the numbers to get your taxes filed then it would be fine. Dividends showing matched my spreadsheet numbers to the penny, good to see that.


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## AltaRed (Jun 8, 2009)

newfoundlander61 said:


> I just discovered today that my T5 from CIBC Investors Edge is viewable when logged int myaccount via CRA. Doesn't appear to be a down loadable form like the one mailed but if you needed the numbers to get your taxes filed then it would be fine. Dividends showing matched my spreadsheet numbers to the penny, good to see that.


For about 5 years now, data from all tax slips posted on CRAMyAccount have been downloadable directly into most (some?) tax software packages via AutoFill. It is not ready for prime time though, at least it was not about 4 years ago when I tried it. It got Schedule 3 and 4 mixed up, did not flag tax slips in USD (no auto conversion), etc. There were some other glitches at the time too. For myself, the only value of the tax slips at MyAccount is to be sure the 'count' of tax slips matches the 'count' of tax slips I manually input to tax software.


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## willpower (Feb 18, 2015)

Just a quick update in case someone is ever in the same situation.

I did receive a T5 from Questrade at the end of February. It was online and it was easy to download. It includes the dividends I received. The T5 was also directly sent to CRA by Questrade so it was easy to import in my tax software. As I did not sell any shares I did not have to report any capital gain/loss.


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