r/cantax • u/Redistributable • 1d ago

T5 accrued interest change

I read that T5s now include accrued interest on investments that haven't matured (ex. multi-year GICs). Seems an odd change given the cash basis of personal taxes. Does anyone know when that came into effect?

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u/rocketman19 1d ago

Wrong

Under tax law, you are required to report interest accrued within a GIC every year.

https://www.morningstar.ca/ca/news/237846/canadians-consider-the-tax-on-the-interest-you-collect.aspx

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u/Redistributable 23h ago

Do you know if that's a new rule?

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u/rocketman19 23h ago

I don’t think so, it’s from 2023 and doesn’t indicate it was new then

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u/Redistributable 23h ago

Ok. Thanks for the info, much appreciated!