A T5 tax slip (Statement of Investment Income) is used to report taxable interest income earned. This tax form is issued if you’ve earned more than $50 in interest in a year and has to be reported when you’re filing your taxes. This is applicable for savings and investment accounts.
Here’s a sample of what a T5 slip looks like:
Your interest income will be entered in box 13.
Your T5 tax slips will be issued annually if you’ve earned more than $50 in interest in the last year. Here’s how to find your T5.
You will also receive monthly statements for your Money account. These statements will reflect your deposits, withdrawals, bill payments, and interest accrued for that month. Here’s how you can find your statements.