Path: utzoo!dciem!dretor!nrcaer!cognos!jimp
From: jimp@cognos.uucp (Jim Patterson)
Newsgroups: can.general
Subject: Re: Bank obnoxiousness, tax woes
Message-ID: <5723@aldebaran.UUCP>
Date: 29 Mar 89 17:21:40 GMT
References: <145@sickkids.UUCP>
Reply-To: jimp@cognos.UUCP (Jim Patterson)
Distribution: can
Organization: Cognos Inc., Ottawa, Canada
Lines: 25

In article <145@sickkids.UUCP> mark@sickkids.UUCP (Mark Bartelt) writes:
>As I sat down to begin fussing with my taxes last weekend, I discovered
>that I never received T5 slips for several of my bank accounts. 
>
>I wonder how many people find themselves in an intolerable situation:
>Revenue Canada requires that you report all earned interest, but many
>people never receive T5s for some of their accounts.

Since I stopped receiving interest slips (T5s) years ago, I've stopped
reporting interest on our savings account on my income tax. (I don't
keep much money in savings; it all goes to the mortgage). I never
thought much about it; I've assumed that, if the banks don't have to
send them to me, I don't have to report it. I don't know if that's
what the tax acts say, but I do know that it's pretty unreasonable to
expect taxpayers to calculate it themselves.

As you point out, the banks have this information. If Revenue Canada
really wanted it reported, then they would not have allowed the banks
to stop sending out the T5 slips. That's my reasoning, anyways.

-- 
Jim Patterson                              Cognos Incorporated
UUCP:decvax!utzoo!dciem!nrcaer!cognos!jimp P.O. BOX 9707    
PHONE:(613)738-1440                        3755 Riverside Drive
                                           Ottawa, Ont  K1G 3Z4