Asked
Hi there! I got a T5 for what must be my savings account. I never have before. Is this new? We have to claim the tiny amount of interest from that now?
Clint’s answer
Not new... All interest is taxable. The reason you may have never received one is the interest rates were so low you hadn't reached the $50 threshold that most banks wait for the account to earn in a taxation year before they issue a T5.
March 8, 2024
From Ask Clint: real questions from a Canadian public finance forum, answered by Clint Cole. Names are changed. This is general information, not advice for your situation, and rules and dollar figures may have changed since Clint answered. Terms