Personal Finance

Missing a potential T5 slip--what should I do?

  • Last Updated:
  • Apr 30th, 2014 10:53 am
Tags:
None
[OP]
Sr. Member
Dec 12, 2009
807 posts
105 upvotes
Nova Scotia

Missing a potential T5 slip--what should I do?

Hi All,

Super quick question in bullet form so you don't need to wade through a rambling paragraph:

- I had a savings account and GIC at Ally Bank
- As you guys know, RBC took over ally. My GIC was transferred to RBC, and I transferred my savings account money to an account at TD. This transfer took place in February of 2013
- I have received a T5 for the interest generated by my GIC, but I have no T5 for any interest I gained on the savings account in Jan-Feb of last year.
- I can't manually look at the records because the online portal for Ally is gone, and when I call RBC they can't seem to find any records
- The amount of interest I would have gained in those few months would not have been substantial. It was around $12,000, so the amount was maybe $20-30 at the most

Question--do I have anything to worry about here? Should I just file my taxes? Or should I be doing anything to flag to the CRA that I may be missing some data?

Thanks!
9 replies
Deal Addict
May 5, 2008
4951 posts
1677 upvotes
Winnipeg
Anything less than 50, they won't send you one
[OP]
Sr. Member
Dec 12, 2009
807 posts
105 upvotes
Nova Scotia
airmail wrote:
Apr 24th, 2014 9:00 am
Anything less than 50, they won't send you one
Oh really? I thought the number was much smaller than that ($10)--which is why I thought for sure I would have received something. If it's $50, then that makes sense.

Thank you!
Deal Addict
Jan 30, 2012
1501 posts
815 upvotes
TORONTO
airmail wrote:
Apr 24th, 2014 9:00 am
Anything less than 50, they won't send you one
Almost. If it's less than $50, they don't have to send you a tax slip, but they can. I once received a tax slip for 4 cents.

That being said, even without a tax slip you're still supposed to declare the income on your tax return. You can use your statements to determine the amount of interest you earned in 2013.
Deal Addict
Jan 28, 2014
3095 posts
480 upvotes
M8Rxmjsik wrote:
Apr 24th, 2014 9:45 am
Almost. If it's less than $50, they don't have to send you a tax slip, but they can. I once received a tax slip for 4 cents.

That being said, even without a tax slip you're still supposed to declare the income on your tax return. You can use your statements to determine the amount of interest you earned in 2013.
Agreed. I received a T5 from TD for 2013 in the amount of $31.45 but in other years when interest was below $50 I didn't. However, we did report the interest yearly as per our statement, because after all the bank does report the income to the CRA.
Sr. Member
Dec 28, 2007
815 posts
321 upvotes
Check your mail; I received some T5s (some with less than $50 interest) from ResMor for GICs that matured before the move to RBC. I'd expect that they would have sent T5s for savings accounts too.
Deal Fanatic
User avatar
Feb 19, 2010
5961 posts
2686 upvotes
JUnit wrote:
Apr 25th, 2014 3:06 am
Check your mail; I received some T5s (some with less than $50 interest) from ResMor for GICs that matured before the move to RBC. I'd expect that they would have sent T5s for savings accounts too.
Check your mail? The institution had an obligation to issue T5 slips by the end of February. How bad would your mail service have to be to still not have received it by almost the end of April?
Sr. Member
User avatar
Dec 9, 2007
990 posts
395 upvotes
Call the CRA to do a slip check. The General Inquiry lines should be able to help you.
Sr. Member
Dec 28, 2007
815 posts
321 upvotes
Conquistador wrote:
Apr 25th, 2014 6:07 am
Check your mail? The institution had an obligation to issue T5 slips by the end of February. How bad would your mail service have to be to still not have received it by almost the end of April?
I meant for the OP to check mail already received. IIRC, the envelope was from ResMor and didn't say Ally anywhere on it. It could have been tossed in the recycling with the junk mail.
[OP]
Sr. Member
Dec 12, 2009
807 posts
105 upvotes
Nova Scotia
Just thought I would post an update. It was indeed as easy as calling the CRA. They had the exact amount of the T5 slip that I knew was missing. They told me what box to enter the value in and everything.

Thanks all!

Top