Client Questions
T5/Relevé 3 Forms
T3/Relevé 16 Forms
T5013/Relevé 15
General
T5/Relevé 3 Forms
I received a T5 that includes income on shares that I received from a U.S. spin-off company. Why is the value being reported?
In 2001, CRA introduced legislation that would allow Canadian recipients of U.S. "spin-off" shares to defer reporting income from these distributions. This in no way alters the responsibility of ScotiaMcLeod or ScotiaMcLeod Direct Investing to report this income as a dividend in kind on the T5 receipt. However, in your return you may be able to elect to have the distributions deferred from the current tax-reporting year if the U.S. issuer satisfies certain criteria for CRA within six months of the U.S. spin-off distribution.
Where do I report the information on my Summary of Investment and Expense?
This document provides details on the dividend and interest revenue reported on your T5 tax slip. It also provides details of interest expense that you may have incurred. ScotiaMcLeod provides this summary for your information only, and it does not have to be included with your tax return.
Why isn't Coupon interest included in my T5 with regular interest from bonds?
Coupons, like Treasury Bills, are discount instruments; they are purchased at a discounted amount and mature at par. At any point in between, the coupons worth will vary. Bonds, on the other hand, pay a regular amount of interest twice a year at the stated rate. T5's are not issued for discount instruments but as a taxpayer you are responsible for calculating and reporting the amount earned each year.
Why does the amount on my T5 not match the amount on my monthly statement?
The different figures that make up the total on the T5 are not the same ones that are included in the statement amount. For example, accrued interest on trades and compound bonds are included in the T5 but are not tracked on the monthly statement.
I received various T5’s and I don’t know which one to file?
First of all make sure you verify that all receipts are from Scotia Capital Inc. If an amendment was made to your receipt it will be identified as A001.01 on the T5 form. If an additional amendment had to be done to the same receipt after the first amendment was done, then it will be identified as A002.02. The last digit indicates the number of the amendment. You must file the slip that has the greater number.
Why aren't distributions from trust units and mutual funds on my T5?
Trust unit and mutual fund distributions are reported on T3/Relevé 16 for Quebec Residents. ScotiaMcLeod will report all trust unit distributions and mutual funds are reported directly by the Fund Company.
T3/Relevé 16 Forms
I received a T3 that includes a distribution paid in 2009. Why is this income being reported in 2008?
Many trust unit companies include payments made at the beginning of each year in their corporate year-end reporting. Therefore, income earned by the trust unit owner must be reported in the same taxation year as reported by the company.
I just received a T3 for trust income, but I’ve already filed my tax return. What must I do now?
You must file a T1-ADJ form to amend your tax return if you receive any tax form after you have filed.
Note: Changes to T3’s as a result of revisions received by the issuer are not uncommon. Please do not file your return before receiving all required tax slips.
What do I do with the Summary of Investment that is included with my T3/Relevé 16?
The T3 Summary of Investment Income details the distributions reported on your T3 tax slip, and is for information purposes only. All income reported as Return of Capital reduces the Adjusted Cost Base of the unit and non-cash capital gains increases ACB of the unit.
Why are there so many T3 mailings?
Holders of income trust or mutual funds may receive a number of T3 Mailings in March and even in April. The number of T3 packages depends on:
- the number of issuers with whom you hold income trusts;
- the number of releases of information by external issuers of income trusts; and
- some issuers amend previously released data as late as April resulting in the possibility of T3s or amended T3s being mailed into mid or late April.
T5013/Relevé 15
Why does the amount on my T5013 not match the amount I received from my Limited Partnership?
Your T5013 must reflect an amount for the full year as if you had been a full partner for that year. However, if you only owned it for part of the year, your actual payment received will be less. The difference is usually reflected in the price paid for the Limited Partnership.
General
Why are my tax slips issued from Scotia Capital Inc. instead of ScotiaMcLeod or ScotiaMcLeod Direct Investing?
ScotiaMcLeod and ScotiaMcLeod Direct are divisions of Scotia Capital. Tax receipts are issued for these divisions by Scotia Capital Inc.
Why don't all my tax slips arrive at the same time?
The date the information on each slip is received from the issuer and by which it must be reported varies. For example, T5/Relevé 3 slips must be mailed by March 2nd, while T3/Relevé 16 slips must be mailed by March 31st.
We strongly suggest that clients holding trust units wait until they have received both their T5 and T3 slips before filing their tax return.
What currencies will be reflected on my tax slips?
T5 Forms may be in multiple currencies. A T5 form is prepared for each currency held in the account. T3’s are all reported in Canadian currency only.
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