Personal Finance

FYI: Tangerine T5 Slips Are Now Available for 2017 Tax Year!

  • Last Updated:
  • Jan 13th, 2018 1:12 pm
Member
Oct 3, 2013
271 posts
166 upvotes
Botopo wrote:
Jan 12th, 2018 11:23 pm
Mine was about $190. Do I really have to report it?
Yes, though the CRA usually has bigger fish to fry, and it's unlikely they would ever come after you for that amount.

That said, not sure why you would jeopardize your standing with the CRA just to save a few bucks though (if you're even being taxed at all). Totally not worth it.
Member
User avatar
Jun 23, 2017
391 posts
136 upvotes
Toronto, ON
Phonophoresis wrote:
Jan 12th, 2018 11:25 pm
Yes, though the CRA usually has bigger fish to fry, and it's unlikely they would ever come after you for that amount.

That said, not sure why you would jeopardize your standing with the CRA just to save a few bucks though (if you're even being taxed at all). Totally not worth it.
Agreed.
I'm just a regular guy with T4 and T5's and donation receipts. (ie. not a business owner or have lots of off-shore investments, etc.).
However, pretty much every other year i get a "Review" by CRA. Not an audit.
They just ask me to send in some receipts.
I send them in. They review and send me a letter months later saying "Review Complete."

Best to stay above board with CRA because they do check .... we have lots of Public servants working on our hehalf!
Deal Addict
User avatar
Sep 4, 2005
2787 posts
572 upvotes
Toronto
Botopo wrote:
Jan 12th, 2018 11:23 pm
Mine was about $190. Do I really have to report it?
LOL,
Over $50 and they generate a T5, under and they don't. If they are giving you the T5, they've already sent it to the government.
So by all means if you don't report it, the government compares it against all the forms they are sent. When they see the misalignment that can easily trigger an assessment. Not worth it.
Deal Addict
Jan 21, 2014
2774 posts
738 upvotes
Tax software can autofill the receipts from CRA, so if you do that, you will know CRA has your receipts or not. However, If you do a bit of trading with non-registered accounts, I recommend not to do autofill. Last year I tried and they overloaded the software with errors (too many receipts as each transaction submitted to CRA got loaded in) and never convert the currency for you. So I ended up manually enter each one anyway. But all the t3,t4,t5 would be loaded for you automatically
Member
Apr 17, 2014
334 posts
179 upvotes
Calgary
Super_Chicken wrote:
Jan 13th, 2018 8:35 am
LOL,
Over $50 and they generate a T5, under and they don't. If they are giving you the T5, they've already sent it to the government.
So by all means if you don't report it, the government compares it against all the forms they are sent. When they see the misalignment that can easily trigger an assessment. Not worth it.
Exactly this!
As soon as you get a T5, the CRA knows it too.

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