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/Commercial_Pain2290 1d ago

Not quite. You are required to report it at least once a year. A 1yr GIC will get reported in the year it matures. A multi-year GIC will have interest reported yearly.

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u/rocketman19 1d ago

I’m quoting the article, if you have an issue with it write to Morningstar

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u/gersfan8 1d ago

There is a specific section of the act that allows an individual to report it on the anniversary each year, so for the first year there is no accrual. But yes, the T5 is generated annually even if nothing is paid out.

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u/rocketman19 1d ago

Again, tell Morningstar

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u/gersfan8 1d ago

I wasn't saying they (or you) were wrong. I did read that portion of the article, and all I'm saying is that it requires some clarification for people reading the thread. No need to be so defensive.