Posted on: 19-03-12 09:27:37
One of my banks did not send me the T5. I guess my interest earnings from that bank is around $10. According to CRA, I must report interest earned even though there is no T5 I received.
My question is what is the general practice most of the people follow who are in similar situation? Do I need to ask my bank to send me the T5?
Quote:
Originally posted by web2000
One of my banks did not send me the T5. I guess my interest earnings from that bank is around $10. According to CRA, I must report interest earned even though there is no T5 I received.
My question is what is the general practice most of the people follow who are in similar situation? Do I need to ask my bank to send me the T5?
You do not need to ask the bank for T5 as some banks do not issue T5 for amount under $50. But as you need to report the interest income, just total the interest received every month from January to December and report as interest income in your tax return. Simple.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Originally posted by Pramod Chopra
Quote:
Originally posted by web2000
One of my banks did not send me the T5. I guess my interest earnings from that bank is around $10. According to CRA, I must report interest earned even though there is no T5 I received.
My question is what is the general practice most of the people follow who are in similar situation? Do I need to ask my bank to send me the T5?
You do not need to ask the bank for T5 as some banks do not issue T5 for amount under $50. But as you need to report the interest income, just total the interest received every month from January to December and report as interest income in your tax return. Simple.
Thanks for the suggestion. I can do it. I already have T5 from other bank. For this $10 can I put it under other income column (I think the column no. is 104. Not sure?)
Still curious to know from other people on this forum what they do. If I become too accurate then every person must have reported interest income as even with such low interest rates they have earned at least 1c.
Quote:
Originally posted by web2000
Quote:
Originally posted by Pramod Chopra
Quote:
Originally posted by web2000
One of my banks did not send me the T5. I guess my interest earnings from that bank is around $10. According to CRA, I must report interest earned even though there is no T5 I received.
My question is what is the general practice most of the people follow who are in similar situation? Do I need to ask my bank to send me the T5?
You do not need to ask the bank for T5 as some banks do not issue T5 for amount under $50. But as you need to report the interest income, just total the interest received every month from January to December and report as interest income in your tax return. Simple.
Thanks for the suggestion. I can do it. I already have T5 from other bank. For this $10 can I put it under other income column (I think the column no. is 104. Not sure?)
Still curious to know from other people on this forum what they do. If I become too accurate then every person must have reported interest income as even with such low interest rates they have earned at least 1c.
The line to report is 121 in Schedule 4 AND NOT line 104. If you are using a tax software, it would guide you to schedule 4 when you click on line 121. In part II of Schedule 4 you have to enter this amount.
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Originally posted by Pramod Chopra
Quote:
Originally posted by web2000
Quote:
Originally posted by Pramod Chopra
Quote:
Originally posted by web2000
One of my banks did not send me the T5. I guess my interest earnings from that bank is around $10. According to CRA, I must report interest earned even though there is no T5 I received.
My question is what is the general practice most of the people follow who are in similar situation? Do I need to ask my bank to send me the T5?
You do not need to ask the bank for T5 as some banks do not issue T5 for amount under $50. But as you need to report the interest income, just total the interest received every month from January to December and report as interest income in your tax return. Simple.
Thanks for the suggestion. I can do it. I already have T5 from other bank. For this $10 can I put it under other income column (I think the column no. is 104. Not sure?)
Still curious to know from other people on this forum what they do. If I become too accurate then every person must have reported interest income as even with such low interest rates they have earned at least 1c.
The line to report is 121 in Schedule 4 AND NOT line 104. If you are using a tax software, it would guide you to schedule 4 when you click on line 121. In part II of Schedule 4 you have to enter this amount.
If I put the amount in line 121 and in future CRA asks me to send T5 copy, what I will do?
The reason I was asking to put the amount in line 104 is because I already have to enter some amount in 104, so I thought to add up this $10 to that amount.
Quote:
Originally posted by web2000
Quote:
Originally posted by Pramod Chopra
Quote:
Originally posted by web2000
Quote:
Originally posted by Pramod Chopra
Quote:
Originally posted by web2000
One of my banks did not send me the T5. I guess my interest earnings from that bank is around $10. According to CRA, I must report interest earned even though there is no T5 I received.
My question is what is the general practice most of the people follow who are in similar situation? Do I need to ask my bank to send me the T5?
You do not need to ask the bank for T5 as some banks do not issue T5 for amount under $50. But as you need to report the interest income, just total the interest received every month from January to December and report as interest income in your tax return. Simple.
Thanks for the suggestion. I can do it. I already have T5 from other bank. For this $10 can I put it under other income column (I think the column no. is 104. Not sure?)
Still curious to know from other people on this forum what they do. If I become too accurate then every person must have reported interest income as even with such low interest rates they have earned at least 1c.
The line to report is 121 in Schedule 4 AND NOT line 104. If you are using a tax software, it would guide you to schedule 4 when you click on line 121. In part II of Schedule 4 you have to enter this amount.
If I put the amount in line 121 and in future CRA asks me to send T5 copy, what I will do?
The reason I was asking to put the amount in line 104 is because I already have to enter some amount in 104, so I thought to add up this $10 to that amount.
CRA is not going to bother to ask you why your reported $10 as bank interest. At least you are reporting the interest income and not conveniently forgetting the same as others do because they did not receive the T5 slip for this amount.
Line 104 is for OTHER EMPLOYMENT INCOME and not for interest income received from Banks on your savings account. If you put this amount on line 104, then CRA may ask you about this amount as to why you only earned $10 in other employment income.
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Originally posted by Pramod Chopra
Quote:
Originally posted by web2000
Quote:
Originally posted by Pramod Chopra
Quote:
Originally posted by web2000
Quote:
Originally posted by Pramod Chopra
Quote:
Originally posted by web2000
One of my banks did not send me the T5. I guess my interest earnings from that bank is around $10. According to CRA, I must report interest earned even though there is no T5 I received.
My question is what is the general practice most of the people follow who are in similar situation? Do I need to ask my bank to send me the T5?
You do not need to ask the bank for T5 as some banks do not issue T5 for amount under $50. But as you need to report the interest income, just total the interest received every month from January to December and report as interest income in your tax return. Simple.
Thanks for the suggestion. I can do it. I already have T5 from other bank. For this $10 can I put it under other income column (I think the column no. is 104. Not sure?)
Still curious to know from other people on this forum what they do. If I become too accurate then every person must have reported interest income as even with such low interest rates they have earned at least 1c.
The line to report is 121 in Schedule 4 AND NOT line 104. If you are using a tax software, it would guide you to schedule 4 when you click on line 121. In part II of Schedule 4 you have to enter this amount.
If I put the amount in line 121 and in future CRA asks me to send T5 copy, what I will do?
The reason I was asking to put the amount in line 104 is because I already have to enter some amount in 104, so I thought to add up this $10 to that amount.
CRA is not going to bother to ask you why your reported $10 as bank interest. At least you are reporting the interest income and not conveniently forgetting the same as others do because they did not receive the T5 slip for this amount.
Line 104 is for OTHER EMPLOYMENT INCOME and not for interest income received from Banks on your savings account. If you put this amount on line 104, then CRA may ask you about this amount as to why you only earned $10 in other employment income.
Thanks for the suggestion
