GIC's and T5's
Can someone explain GIC interest and T5's?
I put a chunk of money into a GIC (with CIBC) last July. It's for a one year term . (my first time putting money into a GIC)
For some reason, I figured I'd get a T5 for the interest accrued until December 31, 2018 but as the interest won't pay out until the GIC matures in July 2019, will the bank issue a T5 for this next year for the 2019 tax year?
I've emailed my banker and her answers aren't clear (I've emailed again for clarification) and the call centre is rather useless.
thanks!
I put a chunk of money into a GIC (with CIBC) last July. It's for a one year term . (my first time putting money into a GIC)
For some reason, I figured I'd get a T5 for the interest accrued until December 31, 2018 but as the interest won't pay out until the GIC matures in July 2019, will the bank issue a T5 for this next year for the 2019 tax year?
I've emailed my banker and her answers aren't clear (I've emailed again for clarification) and the call centre is rather useless.
thanks!
