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04-19-2010, 07:21 PM
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#1 | | Proud to be called a RS Regular!
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| Income tax general question
I am doing tax return for my dad, he has some very small deposit in his bank's saving account, returning probably 10 dollars interest per year. Now he say he didnt get his T5 form and he cannot find it online, can I just estmate the interest income or just ignore it all together, since Revenue Canada probably has his T5 informaiton anyways?
thanks!
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04-19-2010, 07:40 PM
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#2 | | HELP ME PLS!!!
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his interest is taxable, you could probably go ask your bank manager for it
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04-19-2010, 07:48 PM
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#3 | | I subscribe to Revscene
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going to the bank may be good idea.
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04-19-2010, 07:49 PM
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#4 | | Proud to be called a RS Regular!
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the problem is my dad thinks its too troublesome, like he thinks 10 bucks interest is negligible @@
so i just want to know whether I must report it for him or can just omit it since revenue canada has the info anyways.
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04-19-2010, 07:50 PM
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#5 | | In RS I Trust
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for $10 I honestly wouldn't worry about it. Seems like more of a hassle then anything.
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04-19-2010, 08:15 PM
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#6 | | I came, I saw, I conquered.
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I'm pretty sure if the interest is less than $50 a year, the bank won't even send you the T5 and therefore, you don't have to report it. Don't quote me on this though..
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04-19-2010, 08:17 PM
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#7 | | Diagonally parked in a parallel universe
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Have your dad call up CRA and ask if they have the T5 on file (they should by now at this point). It's as easy as that. And just because CRA has the information in their systems doesn't mean you should just omit it. Regardless of how small the amount, including it can save you any potential problems in the future.
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04-19-2010, 08:27 PM
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#8 | | Need to Seek Professional Help
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I would estimate it and include it. The tax implication, either way, will be close to insignificant.
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04-19-2010, 09:34 PM
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#9 | | Revscene.net has a homepage?!
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I was at my bank just recently and asked this exact question, they said under a $50 they do not send out the form.
Here it is off cra website. http://www.cra-arc.gc.ca/tx/bsnss/tp...lp/nt-eng.html | |
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04-19-2010, 10:58 PM
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#10 | | MiX iT Up!
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| Quote:
Originally Posted by silva95teg  | that is correct. if all your accounts dont provide interest income of greater than $50 the bank will not send u a t5 slip.
if you want to be honest, there is a box where u can 'declare income not recorded on t-slips'
honestly, cra does not care for income below $500 that is not on a t-slip.
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04-20-2010, 02:49 PM
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#11 | | I answer every Emotion with an emoticon
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| Quote:
Originally Posted by tiger_handheld that is correct. if all your accounts dont provide interest income of greater than $50 the bank will not send u a t5 slip.
if you want to be honest, there is a box where u can 'declare income not recorded on t-slips'
honestly, cra does not care for income below $500 that is not on a t-slip. | I dunno about that. HSBC sent me a couple T4s with 0.00 and 0.02 of interest.
But I do agree that CRA will not be troubled over insignificant amounts like 10 bucks. HOWEVER, if u have significant oversea income & u'r not claiming it in ur return, then it's a good idea to get a T4 for that 10 bucks cuz u dun want CRA to investigate further.
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04-21-2010, 09:07 AM
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#12 | | Even when im right, revscene.net is still right!
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This is my first time filing online. I am using cutetax.ca
I overpaid the gov't too much last year and I am supposed to get some money back from this year.
Anyone know where I put this amount? or they will automatically give it back to me?
TIA
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04-21-2010, 09:40 AM
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#13 | | MiX iT Up!
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| Quote:
Originally Posted by chengsterr This is my first time filing online. I am using cutetax.ca
I overpaid the gov't too much last year and I am supposed to get some money back from this year.
Anyone know where I put this amount? or they will automatically give it back to me?
TIA | what do you mean overpaid?
basically, if you over paid fed tax - you will receive it as your 'tax refund'
you dont enter it anywhere special.
if you see $4354 on box 22 of your T4.
enter 4354 on box 22 of cutetax.
simple.
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Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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04-21-2010, 09:42 AM
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#14 | | MiX iT Up!
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Originally Posted by q0192837465 I dunno about that. HSBC sent me a couple T4s with 0.00 and 0.02 of interest.
But I do agree that CRA will not be troubled over insignificant amounts like 10 bucks. HOWEVER, if u have significant oversea income & u'r not claiming it in ur return, then it's a good idea to get a T4 for that 10 bucks cuz u dun want CRA to investigate further. | i was talking about RBC,BMO, TD, CIBC , BNS etc..
it cost HSBC .58 cents to mail that out to you.
no wonder big 5 banks kill HSBC in profits - 
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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04-21-2010, 09:45 AM
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#15 | | I WANT MY 10 YEARS BACK FROM RS.net!
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does anyone know how they calculated unused tuition amounts carried forward into future years?
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04-21-2010, 09:48 AM
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#16 | | Proud to be called a RS Regular!
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im sure hsbc has at least some deal with canada post to lower the rates of mailing out bank account invoices every month and tax reciepts along with that as well.
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04-21-2010, 09:55 AM
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#17 | | Even when im right, revscene.net is still right!
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| Quote:
Originally Posted by tiger_handheld what do you mean overpaid?
basically, if you over paid fed tax - you will receive it as your 'tax refund'
you dont enter it anywhere special.
if you see $4354 on box 22 of your T4.
enter 4354 on box 22 of cutetax.
simple. | I didn't get a tax refund because I think I calculated wrong last year so instead I paid the gov't the money I thought I owe. Instead, they sent me a letter that I paid too much and I am entitle to get the money back but I didn't get a cheque, just a letter, and they told me to file it in my 'Feb 2010' income tax.
Also, anyone know how to convert to direct deposit online? Yes, I am new at this, been doing snail mail since then lol
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04-21-2010, 10:27 AM
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#18 | | MiX iT Up!
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| Quote:
Originally Posted by chengsterr I didn't get a tax refund because I think I calculated wrong last year so instead I paid the gov't the money I thought I owe. Instead, they sent me a letter that I paid too much and I am entitle to get the money back but I didn't get a cheque, just a letter, and they told me to file it in my 'Feb 2010' income tax.
Also, anyone know how to convert to direct deposit online? Yes, I am new at this, been doing snail mail since then lol |
in that case. file your return as normal this year, and they will send u the cr. balance on your account.
for converting to direct deposit - sign up for gov't of canada epass ( only accessible via internet explorer ) http://www.cra-arc.gc.ca/esrvc-srvce.../menu-eng.html
there you can setup your direct deposit info. all your gov't related items will be deposited to your bank acct (tax refund, gst, child tax etc..)
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
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