Will Tangerine Offer a Good Interest Rate in Early October Now That PC Financial Is Changing to CIBC’s Simplii?

For the past year or two, Tangerine and PC Financial have been in a bit of a competition for customers. One would offer a good interest rate for a short time, usually 3 months, and the other would either match it or offer a higher rate. Now in the fall of 2017, PC Financial is about to become Simplii Financial by CIBC. Will Tangerine still offer a good interest rate for October to December 2017 with PC Financial gone?

What Kind of Bonus Interest Rates Did Tangerine Offer in 2017?

My husband and I both bank with Tangerine and the former PC Financial. In 2017, I was not offered any special interest rates for my Tangerine or PC Financial savings accounts. My husband, however, received two offers from Tangerine, one for January – March and one for April to June. Both rates were above 3% annually.

Others listed quite a variety of rate offers from Tangerine from around 1.5% – 3.25% on RedFlagDeals.

Neither of us was offered a good rate for July to September though. So we transferred our money out to EQ Bank which was paying 2.3% annually during those months. (We won’t get 2.3% for only 3 months, of course, only about 1 /4 of what 2.3% would be if we had kept the money deposited there for an entire year.)

It’s coming up towards the end of September and I’m curious whether Tangerine will offer ANYONE a bonus interest rate for October to December. If so, who will they be competing with? EQ Bank at 2.3% per year? Or Simplii Financial, the new incarnation of PC Financial.

Will Simplii Financial Offer Short-term Bonus Interest Rates for Savings Accounts?

PC Financial did often offer a promotional interest rate on savings accounts. The rate was often only good for 2.5-4 months.

Now, though, PC Financial will no longer be in business. Instead, the newly named Simplii Financial, owned and run by CIBC will take over. Will CIBC be interested in playing this kind of interest-rate game to attract customers?

Unfortunately, neither I nor anyone else knows for sure. We’ll have to wait till November 1 and see what, if anything Simplii Financial announces.

In the meantime, our money will stay parked at EQ Bank. It’s CDIC insured up to the usual $100 000 limit.  The current (as of September 13 2017) rate of 2.3% is much higher than we can get with Tangerine (0.9%) or our traditional Big Canadian banks. I would be happier to be getting 3%+ again, though, so I’m hoping either Simplii Financial or Tangerine makes us an offer soon!

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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.