• Last Updated:
  • Apr 20th, 2006 12:18 am
Tags:
None
Sr. Member
User avatar
May 4, 2004
511 posts
22 upvotes
Toronto

T5

Do we always get a T5 from a bank? I can't find mine and I don't recall if I'd ever received one. What should I do??
4 replies
Sr. Member
User avatar
May 4, 2004
511 posts
22 upvotes
Toronto
kaycee8877 wrote:you get a t-5 from a bank if you earned interest on your account/GICs etc...and most banks will only issue one if the interest amount is more than say $50

if you didnt get one and think you should have, call your bank and find out
Thanks, I'll give the bank a call tomorrow. Are you saying if it is under $50 we don't need to claim it when filing the tax return?
Sr. Member
User avatar
May 4, 2004
511 posts
22 upvotes
Toronto
I think you're right. The difficult thing is for me to produce a correct interest amt to claim.
Jr. Member
Sep 21, 2005
183 posts
81 upvotes
The CRA says in the instructions that you might not receive a T5 if the income is less than 50. However you are required to put it in your tax return.
Sr. Member
User avatar
May 4, 2004
511 posts
22 upvotes
Toronto
but how can I figure out the exact amount to claim? Financial institutions don't start the monthly cycle on the 1st of each month so I can't simply pull out the entire year of statements add add up the interests. A portion of interest from Jan statement is for last Dec. What's the general rule to use to figure out the interest to claim? How do other people do it?

Top