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Frequently Asked Questions

About the T5 Tax Package

Why didn't I receive a T5 tax slip?

You will not receive a T5 if you received less than CDN$50 of interest or dividend income, however you may still receive a Summary of Security Dispositions if you disposed of any securities during the tax year.

 

Why didn't I receive a T5 for interest income from my Canada Savings Bond?

Canada Savings Bonds (CSB) can be held either in certificate (or "in safekeeping") and non-certificate (also referred to as "segregated bulk") form. If you held your CSB in certificate form, you will receive a T5 directly from the Bank of Canada. If you held your CSB with RBC Dominion Securities in non-certificate form, you will receive your T5 from RBC Dominion Securities.

 

I received a T5 slip for my GIC income from both RBC Dominion Securities and the issuer. What should I do?

Use the issuer's T5 to file your return. Notify your Investment Advisor that you are receiving duplicate T5 slips for the GIC and they can stop the duplicate slips.

 

The interest from certain GICs appears on my T5, but it was already reported on my prior year's T5. What should I do?

Please contact your Investment Advisor for an amended T5.

 

Why did I receive another T5 and Relevé 3?

If you had an investment in a Split Corps, you will receive an additional T5 (and Relevé 3, if you are a resident of Quebec) which lists income and expenses related to the Split Corps securities investments.

 

How are foreign spin-offs reported on the T5?

For Canadian tax purposes, the fair market value of foreign spin-off shares received by a Canadian resident in a non-registered account is considered to be a taxable foreign dividend and must be reported to the Canada Revenue Agency on a T5 (and Relevé 3, if you are a resident of Quebec). Legislation allows you to use an alternative tax treatment on approved foreign spin-offs if certain criteria and time limits are met and a joint tax election is filed with the CRA after being completed by you and the parent company that completed the spin-off. Even though you may make an election, RBC Dominion Securities is still required to report the full fair market value of the spin-off on your T5 tax slip.

 

What is the book value of a Foreign Spin-Off?

The book value shown on your monthly statement for a foreign spin-off share will be the taxable foreign dividend amount. The book value of the parent company shares will remain unchanged.

 

Why didn't I receive a T5 for interest income from my Capital Trust Security

Clients who have received income from a Capital Trust security (also known as TruCS, BATS, BOaTS, CaTS, SLEECS) during the 2011 tax year will have its income reported on the T3 tax slip. The income payable from these securities (also known as 'transferable trust units') are expected to be treated as income from a trust. There may be some Capital Trusts that are still reported on the T5, in which case the income produced from the trusts' asset is considered interest and subject to all rules thereof.

 

The information contained herein has been obtained from sources believed to be reliable at the time obtained but neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers can guarantee its accuracy or completeness. This information is furnished on the basis and understanding that neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers is to be under any responsibility or liability whatsoever in respect thereof. This information is not intended as nor does it constitute tax or legal advice. Clients should consult their own accountant or other professional advisor for more detailed tax related information. RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. ®Registered trademark of Royal Bank of Canada. Used under licence. RBC Dominion Securities is a registered trademark of Royal Bank of Canada. Used under licence. ©Copyright 2017. All rights reserved.