T5 Statement of Investment Income

[ain08]

Hi Guys,

I am a Canadian PR and is still outside Canada. I hold a Canadian savings account from Scotia that have accumulated interest, 52 CAD to be exact. Yesterday, I receive T5 Form. Since I only did soft landing last year, is there anyone on the same boat?

I am doing some reading now but hopefully someone can share their experience about T5 and how I can file outside Canada.

Thank you in advance.

 

[Wonderland_1010]

Hi Guys,

I am a Canadian PR and is still outside Canada. I hold a Canadian savings account from Scotia that have accumulated interest, 52 CAD to be exact. Yesterday, I receive T5 Form. Since I only did soft landing last year, is there anyone on the same boat?

I am doing some reading now but hopefully someone can share their experience about T5 and how I can file outside Canada.

Thank you in advance.

A T5 is a tax receipt that show the investment income. Since you have savings account, Scotia Bank deposited $52 dollars interest into your account that's why they issued you a T5. All banks do that and since you're outside Canada, either you have a friend or family member get all your T4s and T5 and go to H & R block and file it for you or you can try and contact a accounting firm and ask if they could file it for you but they do need a mailing address as CRA will mail your NOA back to you.

 

[ain08]

A T5 is a tax receipt that show the investment income. Since you have savings account, Scotia Bank deposited $52 dollars interest into your account that's why they issued you a T5. All banks do that and since you're outside Canada, either you have a friend or family member get all your T4s and T5 and go to H & R block and file it for you or you can try and contact a accounting firm and ask if they could file it for you but they do need a mailing address as CRA will mail your NOA back to you.

Hi, does this mean that I have to do T1 which is the General Income Tax. Can I do any of this online?

 

[steaky]

Hi, does this mean that I have to do T1 which is the General Income Tax. Can I do any of this online?

T1 is for tax residents. Are you sure you want to declare as resident for tax purposes while you live outside Canada? Being a tax resident means you have to report your worldwide income (including your income in UAE). Otherwise, if you are non resident, phone the International tax office, file a NR one and you only have to report your Canadian income.

 

[ain08]

T1 is for tax residents. Are you sure you want to declare as resident for tax purposes while you live outside Canada? Being a tax resident means you have to report your worldwide income (including your income in UAE). Otherwise, if you are non resident, phone the International tax office, file a NR one and you only have to report your Canadian income.

Hi, basically I am Canadian resident in paper since I landed April of last year. What are the implications if I didnt declare my T5 from Scotiabank, since I am still living outside Canada? I plan to come back end of this year and I am really lost what is the best thing to do in my case.

 

[steaky]

Hi, basically I am Canadian resident in paper since I landed April of last year. What are the implications if I didnt declare my T5 from Scotiabank, since I am still living outside Canada? I plan to come back end of this year and I am really lost what is the best thing to do in my case.

No, PR status is not the same as being tax resident. You should really contact the International tax office of the CRA. You can also take a look of the CRA website and see how one became a non-resident for tax purposes.

I thought you still wanted to save money before you move here end of this year. After calling, if CRA says you are considered to be non resident for tax purposes, then file your NR return.

 

[ain08]

No, PR status is not the same as being tax resident. You should really contact the International tax office of the CRA. You can also take a look of the CRA website and see how one became a non-resident for tax purposes.

I thought you still wanted to save money before you move here end of this year. After calling, if CRA says you are considered to be non resident for tax purposes, then file your NR return.

Hi I read from CRA that maybe I am non resident for Tax purposes. So the only thing that I will declare is the T5 interests.

By any chance, do you know someone who submitted non resident tax form. I am really afraid that if is submit it, they might strip off my residency, and I don't want that since I really intended to go back this year after finishing my contract. So I will be out of Canada for more than a year, but will stay there for good afterwards.

 

[steaky]

Hi I read from CRA that maybe I am non resident for Tax purposes. So the only thing that I will declare is the T5 interests.

By any chance, do you know someone who submitted non resident tax form. I am really afraid that if is submit it, they might strip off my residency, and I don't want that since I really intended to go back this year after finishing my contract. So I will be out of Canada for more than a year, but will stay there for good afterwards.

I submitted my NR return to report my Canadian source income when many years ago I was living outside Canada. Like I said, you need to call the International tax office and they will tell you what to do. I won't be of further help because they changed many of their forms and guidelines over the years.

If you use collect call, it won't cost you long distance charges to phone them.

 

[spyfy]

Hi I read from CRA that maybe I am non resident for Tax purposes. So the only thing that I will declare is the T5 interests.

By any chance, do you know someone who submitted non resident tax form. I am really afraid that if is submit it, they might strip off my residency, and I don't want that since I really intended to go back this year after finishing my contract. So I will be out of Canada for more than a year, but will stay there for good afterwards.

No worries, your PR status is completely independent of you filing as a non resident for tax purposes. It is totally fine to do that even if you are a PR. Tax status and immigration status are independent and you can't lose your PR by filing as a tax non resident. As long as you keep your 2 out of 5 years of residence, you are alright.

 

[steaky]

Yesterday, I receive T5 Form.

You should ask your bank to send you a NR4 form since you considered to be non resident.