How to Get T5 Tax Documents for Your Online Bank Accounts at EQ Bank, Oaken Financial, PC Financial, Tangerine, ZAG Bank

As tax-filing time approaches, I’ve started rounding up my tax slips including my T5s for our savings and chequing bank accounts with EQ, Oaken, PC Financial, Tangerine and Zag Bank.

Use Caution Saving Electronic (and Paper) Copies of Your Tax Slips Including T5s

Be sure to keep your electronic copies in a secured location—they have valuable information such as your name, address and SIN number which could be used for identity theft!

How to Get and Print Your T5 Tax Form for Your EQ Bank Savings Account

  1. Sign in to your EQ Bank accounts.
  2. From the drop-down list under the Accounts tab, click on: Tax documents
  3. From the drop-down list under Select the tax document you want to generate, choose the T5 for the year of interest.
    For example, I selected 2016 – T5 to complete my income tax return by April 2017.
  4. Click on the Generate document button.
  5. Wait a few seconds to a minute or two.
  6. The T5 will be displayed on your screen.
  7. Click on the Print or save button.
  8. When you are finished, near the bottom of the screen, click on the Back to tax documents button.

Interesting, no where do I seem to get a choice to save the T5 to my hard drive!

According to their online chat, I can only save the T5 if I use Google Chrome. I have no intention of using that program, so I will just scan and save my hard copy printout.

How to Get Your T5 Tax Forms for Your Oaken Financial Bank Accounts

Oaken Financial mails out its tax forms. So you’ll have to check your letter mail for your T5s and other tax forms.

How to Get Your T5 Tax Forms for Your PC Financial Bank Accounts

President’s Choice Financial mails out its tax forms. So you’ll have to check your letter mail for your T5s and other tax forms.

How to Get and Print Your T5 Tax Forms for Your Tangerine Bank Accounts

  1. Sign in to your Tangerine account/s.
  2. From the list on the left side of the screen, select My documents.
  3. Click on the link Tax receipts.
  4. From the drop-down box, select the year for which you wish the documents.
    It’s probably easiest to leave the selections “All account types” and “All receipts” so that you don’t miss a slip unless you are looking for something specific.
  5. From the list of PDF files of receipts, click on the one you want to print or save first.
  6. A popup window will let you choose to Open the PDF file or to save it.
  7. If desired, select Open and then print the file; or
    If desired, select Save and choose a destination to save the file. Be sure to keep your electronic copies in a secured location—they have valuable information such as your name, address and SIN number which could be used for identity theft!

NOTE: Tangerine combines the interest from your chequing and savings accounts onto a single T5 if the amount is $50 or more. You have to manually report any interest earned below $50 even if you did not receive a tax slip.

How to Get and Print Your T5 Tax Forms for Your Zag Bank Accounts

  1. Sign in to your Zag Bank account/s.
  2. Click on the Accounts tab.
  3. Click on the Statements link.
  4. From the Document Type: drop-down list, click on Year-End Tax Forms & Statements
  5. From the Tax Year: drop-down list, select the year of interest.
  6. From the Tax Forms: drop-down list, select T5, or just click on the View button.

Hmmm. I got an error message: The system is unavailable. Please try again later.
So no luck so far!

It’s probable that an error message is displayed because I had less than $50 of interest on my account and that there is no T5 for this account. In which case, I’ll have a LONG wait….

Aren’t Income Taxes Fun?

So now I’ve found the T5s for my bank accounts that earned more than $50 last year in interest, and I’ve added up the amounts I earned in interest for accounts that earned less than $50, I am one step closer to filing my income tax return for 2016. Oh joy!

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Do you have a check list of all the T slips you need before you file your taxes? Have you ever missed a slip? Please share your tax stories with a comment.

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Yes, we bank with among other places. If you open your first account ever with Tangerine (or ING Direct) using our Orange Key below, and deposit $100 before January 31, 2018, you and we will both get a cash bonus of $50 each. (Yes, they did extend the promotion for another few months!) All you have to do is enter the Orange Key 46470587S1 when you are opening your Account, and you’re set to go.

Just copy our Orange Key, then click on this Tangerine link to see the details and apply for an account. (Note: it only applies to people with no existing or previous accounts with Tangerine or ING Direct.)
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How Did My Income Tax Program Use Up All of My Tuition and Education Amounts So Quickly?

When you’re still attending college or university and not make much money it’s common to end up carrying forward large amounts of tuition and education amounts. It can look like you have tens of thousands of dollars to use to reduce your income tax payable. Yet when you start working full-time you may find the tuition and education amounts get used up way more quickly than you expect: here’s why.

A Common Mistake: Thinking Education and Tuition Amounts Reduce Your Taxes Dollar for Dollar

When you see big $$$ values in your carry forward tuition and or education amounts, you may start thinking it will be years before you have to pay any income taxes. After all, if you have $40 000 in carry forwards, and you’re only making $35 000 a year, they should last a long time, right?

Unfortunately, no.

The government loves making it SOUND like you are getting a big deduction.

So they say things like “You can write off $500 of your child’s fitness expenses!” They don’t say “And it will get you a whopping $75 off your taxes payable!” But that’s all the $500 saves you: $75 in federal tax payable.

Your Education and Tuition amounts do no reduce your taxes payable dollar for dollar.

How Does the Income Tax Math Work for the Education and Tuition Amounts?

Let’s look at an example.

Say you earned $35 000 in 2015.

According to the 2015 Ernst and Young personal tax calculator, in Ontario, with no extra deductions, that would mean you would owe about $4 820 in tax, most of which should have been deducted by your employer.

You don’t use up $4 820 of your education amounts though to reduce this tax payable to 0.

The education/tuition amounts are converted into credits at a really low percentage.

Line 23 (also called 323) on your Federal Schedule 1 is the amount of the education/tuition claim you are using up.

As you can see further down on Line 32 you apply a rate of 15% to that amount.

So to negate $1000 of tax owing, you have to use up $6 667 of your education/tuition amount.

To reduce your $4820 of tax owing to 0, it will use up $32 133 of your carried forward education and tuition amounts.

You would then get a tax refund of up to $4820 depending on the amount of tax that was with-held from your pay cheques and your other deductions and credits.

Don’t You Wish the Education and Tuition Amount WAS Applied $ for $ Against Your Taxes Owing?

If the education and tuition amounts were applied $ for $ against your taxes owing, it would be great, because it would mean the government was paying for your schooling.

Unfortunately, they are only willing to pay for 15% of your schooling. (Plus a bit more if your province gives you a tax break on your provincial taxes.)

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Did you get a great tax refund the first year you worked after finishing college or university? Don’t you wish you could get a refund like that again? Please share your views with a comment.