Why did I receive a T5 tax form?

You received a T5 statement of investment income because you earned more than $50 in investment income during the year.

What is investment income?

Investment income includes interest, dividends, and certain foreign income too. The amounts may be shown on the T5 tax slip in Canadian dollars or in a foreign currency. You will have to convert those amounts to Canadian dollars on your tax return.

What if the T5 statement of investment income is in my name and my spouse’s name?

If you both contributed equal amounts to the investment and you share money, you can each claim 50% of the amount shown on the T5. Otherwise, claim the appropriate portion depending on how much you contributed in the investment account:

Amount to report = personal amount contributed / total amount contributed

For example;

Amanda and Phillip opened an investment account together that pays off interests. Amanda contributed $1,000 and Phillip contributed $3,000.

They received a T5 slip with both names on it and an amount of $100 in Box 13.

Each will have to report a portion of this income in their tax returns:

  • Amanda will report: $00 x $1,000/$4,000 = $25
  • Phillip will report : $100 x $3,000/$4,000 = $75

What do I do with the T5 Summary of Investment Income and Expense?

It is provided to you for information purposes only to give details about the income indicated on the T5 tax slip. You do not have to file it with your return since CRA will have a copy of it in your CRA account.

The bank or the financial institution will send a copy of the T5 slip to you and another copy to CRA. In some cases, the bank will send you one T5 slip for the total income you earned in the year, while the bank breaks down the income into multiple T5 slips and send them to CRA. It is a good practice to call your financial institution to verify their records with the slips you have in case you are missing any.

What about Québec residents?

They receive a Relevé 3 which is reported in their provincial TP1 along with the T5 slip that is reported in the federal section of their tax return.

TurboTax Premier offers a step-by-step process to help you claim different types of investments and transfer the accurate amount to your spouse if you need to. Consider TurboTax Live Assist & Review if you need further guidance, and get unlimited help and advice as you do your taxes, plus a final review before you file. Or, choose TurboTax Live Full Service* and have one of our tax experts do your return from start to finish.

*TurboTax Live™ Full Service is not available in Quebec.