T5 interest less than $50

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pritesh_patel
Member since: Mar 09

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Posted on: 13-03-09 11:16:54

Hi,

I have two accounts one with Scotia bank and the other with PC Financial both which I earned less than $50 interest so they have not sent me a T5.

Does that mean that I don't need to declare this as an income on my tax return?

Thanks

alpamht
Member since: Apr 07

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Posted on: 13-03-09 11:47:15

desi-friend
Member since: Jun 08

Posts: 237
Location: Toronto
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Posted on: 13-03-09 12:40:48

You still have to declare that income.

sville
Member since: Dec 08

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Posted on: 13-03-09 19:43:44

Quote:
Originally posted by pritesh_patel

Hi,

I have two accounts one with Scotia bank and the other with PC Financial both which I earned less than $50 interest so they have not sent me a T5.

Does that mean that I don't need to declare this as an income on my tax return?

Thanks

call them. Make sure that the document is not lost in mail.
you should have your T5.
T5 is just for your comfort. Financial institutes do report to cra the interest paid to their customers.

amish2
Member since: Aug 08

Posts: 27
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Posted on: 16-03-09 06:59:29

Hi,

You need to report it - on your income tax return.

See the link from CRA

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/121/menu-eng.html

and also

http://www.cibc.com/ca/gic/article-tools/you-your-gic-and-your-t5.html

Hope this helps

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T5 interest less than $50

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