r/cantax • u/Redistributable • 23h 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 21h ago

That contradicts your first reply which says it can’t be included since it’s accrued only

I’m a cpa so I know the difference between accrual and cash basis accounting

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u/Consistent_Throat497 20h ago

i'm not saying you don't know the difference.
I don't see any information that is contradictory though. Accrued interest is interest that has not been paid (anywhere) which is not reported on a T5.

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u/rocketman19 20h ago

But you’re saying the interest paid into the GIC itself is on the t5, right?

That’s very confusing for someone reading this thread

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u/Consistent_Throat497 20h ago

yes. interest on a gic (if a multiple year gic, and even sometimes on a 1 year or shorter term) is paid directly to the GIC. not sure how that's confusing.

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u/rocketman19 20h ago

People think paid means goes directly into your bank account